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The 25-year-old lefty has appeared in 138 games (15 starts) since coming into the league in 2007, and is 8-12 with a 4.61 ERA.
Howell, 28, returned to play last season after missing 2010 due to shoulder surgery in May of that year.
Over 46 games, he went 2-3 with a 6.16 earned run average. In 212 career games, including 33 starts, Howell has gone 20-23 with 21 saves and a 4.62 earned-run average.
Padilla suffered through neck problems last season that eventually required surgery, limiting the 34-year-old to just nine appearances out of the bullpen for the Los Angeles Dodgers.
Over his time in the majors, he has pitched for Arizona, Philadelphia, Texas and the Dodgers.
Ludwick, 33, would join his sixth team. The nine-year veteran played his final 38 games for the NL Central-rival Pirates last season after being traded to Pittsburgh from San Diego in July.
The Reds also signed catcher Dioner Navarro to a minor league contract with an invitation to spring training. Navarro, 27, played in 64 games for the Dodgers last season and batted .193 with a .276 on-base percentage.
Over 267 career games with the Braves and Royals, Pena has hit .251 with 12 homers and 73 RBI.
Acquired from the White Sox after the 2009 season, he is a .254 hitter with 76 RBI, 62 stolen bases and 124 runs scored in 307 games.
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