Holmes declined his $12 million player option for 2027 on Thursday and is now a free agent, Jesse Rogers of ESPN.com reports.
The Cubs will have an exclusive negotiating window with Holmes for a few days, and they are reportedly interested in re-signing the righty. However, Holmes is almost surely going to reach free agency and field bids from several clubs. The 33-year-old was limited to 18 regular-season starts due to a fractured fibula, but he posted a 3.29 ERA, 1.19 WHIP and 78:42 K:BB over 101.1 innings.