Watch Now: NFL Draft Grades: Tennessee Titans (1:26)

The Titans are declining receiver Cory Davis' fifth-year option, according to NFL Network's Tom Pelissero. A former fifth overall pick, Davis is now slated to become a free agent after the 2020 season.

Davis, who is entering the final year of his four-year, $25,394,688 rookie contract, would have made $15.68 million in 2021 had the Titans picked up his option, according to CBS Sports' former agent Joel Corry.

In three seasons with the Titans, the 6-foot-3, 209-pound Davis has caught 142 passes for 1,867 yards and 13 touchdowns in 42 regular season games. In five playoff games, Davis has caught 15 passes for 166 yards and three touchdowns. Last postseason, his touchdown reception in the divisional round helped the Titans pull off an upset over the No. 1 seeded Ravens. The following week, Davis caught five of eight targets for 65 yards in Tennessee's loss to the Chiefs in the AFC Championship Game.

After a hamstring injury limited his production as a rookie, Davis enjoyed a considerably better season in 2018, catching 65 passes for 891 yards and four touchdowns that included a career-high 161 yards in the Titans' Week 4 victory over the Eagles. Davis enjoyed another big game against the Patriots in Week 10, catching seven passes for 125 yards and a touchdown.

Davis was unable to match that success in 2019, however, catching 43 passes for 601 yards and two touchdowns in 15 regular-season games. He finished second on the team in receiving behind then-rookie A.J. Brown, who caught 84 passes for 1,051 yards and eight touchdowns.

While it never appeared on any of the team's injury reports, Titans left tackle Taylor Lewan recently said that Davis suffered a foot injury early in the 2019 season. The only documented injury Davis suffered last season was a hip injury that kept him out of the team's Week 10 game against the Chiefs.

The Titans did not select a receiver with any of their six draft picks in the 2020 draft. Tennessee did sign five undrafted rookie receivers that includes Mason Kinsey (a former Div. III player), Nick Westbrook, Kyle Williams and Kristian Wilkerson. The rest of the Titans' receiving corps includes Adam Humphries, Cody Hollister, Trevion Thompson, and Kalif Raymond.