Davis officially declined his qualifying offer from the Cubs on Thursday, Bill Shaikin of the Los Angeles Times reports.
By electing to forego the one-year, $17.4 million offer, Davis will become a free agent, though the Cubs will receive draft-pick compensation if he ends up signing elsewhere. The 32-year-old shouldn't have trouble finding a multi-year deal after his stellar 2017 campaign, during which he converted 32 of his 33 save chances while compiling a 2.30 ERA and 79 strikeouts in 58.2 innings.