Martinez declined his $12 million player option for 2025 on Friday and became a free agent.
Martinez's 3.10 ERA and 1.03 WHIP from last season both represent personal bests for the 34-year-old as he pitched a career-high 142.1 innings. Cincinnati can still give him a $21 million qualifying offer, but the right-hander will likely pursue a multi-year deal in free agency.