The Phillies said Howard, the 2006 National League MVP, is looking for a new agent and has not yet informed the team who will represent him, the Philadelphia Daily News reported for Saturday editions.
Howard, who is eligible for arbitration after the 2007 season, made $355,000 last season, when he led the majors with 58 homers and 149 RBI.
"He's obviously due for a big raise," assistant general manager Ruben Amaro Jr. told the newspaper.
Amaro said the team has not yet decided how much of a raise to give Howard, top starting pitcher Brett Myers or second baseman Chase Utley. "We've got some ideas that we've kicked around internally," Amaro said.
The Daily News said Howard and Reynolds did not return calls seeking comment.