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Reynolds's trade value has probably slightly increased - there's less hitting on the market than last offseason and his 2011 was better than his 2010.
However, it's worth noting the Orioles acquired him in exchange for David Hernandez and Kam Mickolio. Equivalent value from the Mariners would probably be something like Charlie Furbish and Tom Wilhelmsen.
M's could probably avoid dipping into their top 10 in a trade for him, and there's no way any of the top 5 would even be mentioned.
Haven't heard too many rumors about him being on the block though, the O's highest priorities seem to be dealing Adam Jones and Jeremy Guthrie.