Yasiel is no longer a friend of the Dodgers.
The Dodgers are expected to release Bailey after the deal is official, according to Ken Rosenthal.
The team now has the space to bring in highly-coveted free agent outfielder Bryce Harper and/or acquire starting pitcher Corey Kluber from the Cleveland Indians.
Kemp is entering the final season of an eight-year, $160-million contract he initially signed with Los Angeles in 2012.
Bailey went 1-14 with a 6.09 ERA, 5.55 ERA and 1.64 WHIP in 20 starts in 2018 while striking out 75 and walking 33 in 106.1 innings. The Dodgers could also allocate the money they save in the deal to other free agents or big-name players via the trade market. He was named an All-Star for the first and only time in his career in 2014.
"We're not done", Reds president of baseball operations Dick Williams said.
While on the surface the Dodgers are losing four players that have helped them win a lot of games and six National League West titles over the years, they are clearing up both roster spots and payroll.
Downs, ranked seventh in the Reds' system by MLB.com, hit.257 with 13 home runs in A-ball in 2018 while also stealing 37 bases in 47 attempts.