Martinez declined his part of a $20 mutual option for 2027 and is now a free agent, Jon Heyman of the New York Post reports.
Martinez will be given a $4 million buyout instead. The veteran right-hander turned 36 in August, but he could net a multi-year contract this offseason after posting a 3.10 ERA, 1.09 WHIP and 109:26 K:BB over 180 innings covering 31 regular-season starts for the Rays in 2026.