New York also declined a $10.5 million option on Jon Niese and will play a $500,000 buyout to the left-hander, who becomes a free agent.
Bruce was an All-Star for the third time this year, hitting .265 with 25 homers and 80 RBIs for Cincinnati before the Mets acquired him on Aug. 1. The 29-year-old slumped badly with New York and was benched at times late in the season. He hit .219 with eight homers and 19 RBIs for New York.
Reyes was released by Colorado in late June after serving a domestic violence suspension, and the Rockies owed him the remainder of his $22 million salary this year plus $22 million next year and a $4 million buyout of his 2018 option.
He signed with the Mets, his original big league team, a few days later for a prorated share of the minimum $507,000 and played primarily at third in the absence of injured captain David Wright. A four-time All-Star while playing for the Mets from 2003-11, the 33-year Reyes hit .267 with eight homers, 24 RBIs and nine stolen bases.
Drafted by the Mets in 2005, Niese was traded to Pittsburgh last December and reacquired on Aug. 1. He had an 11.45 ERA in two starts and four relief appearances before a torn meniscus in his left knee ended his season.
New York also said Thursday that infielder Eric Campbell was assigned outright to Triple-A Las Vegas of the Pacific Coast League and right-hander Jim Henderson refused an outright assignment and elected to become a free agent.