Latos has spent the entire season on the disabled list after having surgery to have a bone chip removed from his elbow in the offseason. He then tore cartilage in his left knee while working out and had surgery the day spring training opened.
He was beyond the knee problems when he then developed soreness in his pitching forearm and had to rest again.
"He brings a lot to the table," Reds manager Bryan Price said Friday. "He brings a lot of wins. He has a real high winning percentage as a major league starting pitcher and a lot of wins for us in the last two years. And you know, we're always looking for a boost."
Latos went 14-7 last season with a 3.16 ERA in 32 starts.
Right-hander Alfredo Simon has filled in nicely for Latos in the Reds rotation, going 9-3 with a 2.95 ERA. Simon could move back into the bullpen when Latos returns, or the Reds could decide to move left-hander Tony Cingrani into a relief role.
The Associated Press contributed to this report.