The Dodgers, seeking to add power, could upgrade at any or all of three positions - first base, third base and left field.
Loney, 26, was fifth in the National League with 41 doubles last season but hit only 10 home runs in 588 at-bats and batted .211/.285/.331 after the All-Star break.
His OPS has declined from .772 to .756 to .733 in his three full seasons. Yet, he will receive a raise from $3.1 million in 2011, his second year of arbitration.
Several teams had interest in Loney last July, sources say. If the Dodgers trade him, they could sign one of a number of power-hitting first basemen on the market.
Another option for the Dodgers is to upgrade over Casey Blake at third. Blake, who hit lefties much better than righties last season, could platoon with Jay Gibbons in left. If the Dodgers signed a better left fielder, they possibly could find a platoon partner for Blake at third.
The extent of the Dodgers' financial flexibility is not known, but the team already has re-signed left-hander Ted Lilly to a three-year, $33 million contract and reportedly is on the verge of re-signing righty Hiroki Kuroda to a one-year, $12 million deal.