According to The Athletic's Ken Rosenthal (subscription required), while Cease could be moved, don't expect the right-hander to be traded until the top free agent starting pitchers sign.
Rosenthal notes that if White Sox GM Chris Getz is blown away by an offer he can't refuse, then of course Cease could be traded to the highest bidder. The MLB Insider cited both the Cincinnati Reds and Baltimore Orioles as potential candidates to swing a deal for Cease.
MLB Insider: White Sox GM patiently waiting to deal Reds' trade target Dylan Cease
This is a very wise approach on the part of the new Chicago White Sox General Manager. If teams miss out on pitchers like Blake Snell, Yoshinubo Yamamoto, or Jordan Montgomery, those clubs will become desperate and perhaps give up more than they initially would for Dylan Cease.
If the Cincinnati Reds, however, wish to acquire Cease, they're going to have to knock Chicago's socks off (no pun intended). And though Cincinnati has the resources to make such a deal, that seems rather unlikely.
The Reds have been linked to other potential trade targets this offseason. Both the Tampa Bay Rays and Cleveland Guardians appear to be shopping their top starters. Right-handers Tyler Glasnow and Shane Bieber have been mentioned as possible trade chips.
Cease is actually under team-control through the 2025 season whereas both Glasnow and Bieber will be free agents after next season.
After adding Nick Martinez in the wee-hours of Thursday morning, there's a chance that the Cincinnati Reds may no longer be looking to add another starting pitcher. Martinez has experience as both a starter and reliever.