The Cubs declined Rea's $7.5 million club option for 2027 on Monday, Jesse Rogers of ESPN.com reports.
He'll be given a $1 million buyout and head into free agency. Rea gave the Cubs some solid work as a swingman the past two regular seasons, logging a 4.13 ERA and 228:91 K:BB over 296.1 innings covering 46 starts and 20 relief outings. The 36-year-old will likely be deciding on one-year contract offers this winter.