Cincinnati Reds outfielders Ryan Ludwick has declined his portion of the $5 million mutual option for 2013, reports Jon Heyman of CBSSports.com.

The move was expected, as Ludwick figures to sign a more lucrative contract following his impressive 2012 campaign.

Ludwick hit .275/.346/.531 with 28 doubles and 26 home runs over 422 with the Reds this season. The 34-year-old owns a career line of .263/.334/.466 over 10 years at the major league level, and he’s averaged 27 doubles and 23 home runs per season since 2008.

It’s been reported that the Reds and Ludwick share a mutual interest in reaching an agreement on a new contract, though the outfielder may have priced himself beyond Cincinnati’s range. There’s been speculation that the slugger could command a new deal similar to those signed by free agents Michael Cuddyer, Josh Willingham and Jason Kubel last winter. Each inked contracts for two or three years at $7 to $10 million per season.

UPDATE: Reliever Ryan Madson has also declined his $11 million mutual option with the Reds, reports Jon Heyman. The right-hander missed all of the 2012 season recovering from Tommy John surgery.