The Reds extended a one-year, $21.05 million qualifying offer to Martinez on Monday, Gordon Wittenmyer of the Cincinnati Enquirer reports.

Wittenmyer hears that, before the offer was extended, the two sides engaged in talks regarding a multi-year extension "without gaining much traction." Martinez declined a $12 million player option last week after posting a 3.10 ERA, 1.03 WHIP and 116:18 K:BB over 142.1 innings in 2024. He could surely get more in total dollars on the open market, but locking in a $21.05 million salary for 2025 might be tempting for Martinez. If he rejects it, the Reds would receive a draft pick if the righty signs elsewhere.