CINCINNATI -- Ahead of Monday's 5 p.m. ET deadline, the Reds extended a qualifying offer to free-agent pitcher Nick Martinez.

The value of the qualifying offer this offseason is $21.05 million, and the deadline to accept is 4 p.m. ET on Nov. 19. Clubs receive a compensation pick if they lose a player who received the qualifying offer.

On Friday, Martinez exercised his opt-out clause in the two-year, $26 million contract he signed last December. The 34-year-old is banking on getting a better deal after a strong 2024 season for Cincinnati as both a starter and reliever.

In 42 games, including 16 starts, Martinez was 10-7 with a 3.10 ERA. He posted a 2.42 ERA in 11 starts after returning to the rotation on Aug. 5, including a 0.83 ERA over his final five starts.

The Cincinnati chapter of the BBWAA voted Martinez as the Reds' Pitcher of the Year in 2024. On Friday, president of baseball operations Nick Krall did not rule out trying to bring him back after Martinez explored the free-agent market.

Had Martinez opted in with the Reds, he would have made $12 million in 2025, so that means he would still get a big one-year pay raise if he winds up accepting the qualifying offer from Cincinnati.