At one point, Ryan Madson thought he had a deal to return to the Phillies on a four year, $44 million contract. A couple months later, Madson is running out of teams who are interested in him. From Mike DiGiovanna of the Los Angeles Times of Los Angeles:

There have been persistent Internet rumors linking the Angels to free-agent closer Ryan Madson, but General Manager Jerry Dipoto said it is "very, very unlikely" the team will acquire the former Philadelphia Phillies relief ace, or any closer, for that matter.

Of course, here's another Dipoto quote from November:

Dipoto said it is "always my preference" to make "impact moves" via trades rather than free-agent signings

That whole article is worth reading once a week, really.

So if the Angels are out, that leaves the Reds and Twins as teams that a) are still without a closer, and b) might be willing to spend a little bit on a closer. But the Twins are likely close to their payroll limit, and they've already committed $4.75 million to Matt Capps. And while the Reds might be interested, they can also turn to Francisco Cordero, who has held the job ably in Cincinnati for the past four seasons.

It's looking more and more likely that Madson will either settle for a setup job, or take a short-term deal and test the free-agent market again next year.