The Cincinnati Reds are set to extend a one-year, $21.05 million qualifying offer to right-hander Nick Martinez, the Cincinnati Enquirer reported, after the swing man opted for free agency following the completion of the 2024 season.

Martinez signed with the Reds before the 2024 season in a deal that included a player option for 2025 that he declined in recent days. The 34-year-old spent most of the past season in the bullpen before injuries ravaged the rotation.

After becoming a starter exclusively on Aug. 5, Martinez went 5-2 with a 2.42 ERA in 11 starts. For the season, he was 10-7 with a 3.10 ERA in 42 appearances, including 16 starts.

If Martinez accepts the qualifying offer, his salary for 2025 would easily top his previous one-year high in earnings of $14 million last season. His option for 2025 was worth $12 million.

If Martinez declines the qualifying offer, Cincinnati would receive a compensation draft pick at the end of the first round in the 2025 draft.

Over seven major league seasons with the Texas Rangers (2014-17), San Diego Padres (2022-23) and Reds, Martinez is 37-45 with a 4.09 ERA in 240 appearances (103 starts). He also pitched in Japan from 2018-21 with the Nippon Ham Fighters and the Softbank Hawks.