ROSTER MOVES: #Dbacks declined the 2013 options on C Henry Blanco and RHP Matt Lindstrom today, but the team can still negotiate with them.— Arizona Diamondbacks (@Dbacks) October 31, 2012
As the club noted, it can still negotiate with both players.
According to AZ Snake Pit, the return of Lindstrom would make more sense than Blanco spending another season in Arizona.
The case of Lindstrom is a little more interesting. He was originally acquired from the Baltimore Orioles in the trade for Joe Saunders, and performed pretty well, posting a 2.53 ERA over 12 games for the Diamondbacks. His option was for $4 million with a $200,000 buyout. While that option does seem a bit pricey, you can make the case that Lindstrom would have been a cheaper choice for Arizona than bringing over Heath Bell from the Marlins.
After making the playoffs in 2011, the Diamondbacks finished third in the NL West in 2012 with an 81-81 record. With the right moves, the foundation to return to the playoffs seems to be in place.