The Detroit Tigers have ruled out a $30 million option on Miguel Cabrera, who will be a free agent, but is already on the threshold of retirement.

DETROIT – The Detroit Tigers on Friday ruled out a $30 million option on a contract extension for Venezuelan star Miguel Cabrera, who is nearing retirement.

By declining that option, the Tigers would pay $8 million toward the buyout clause, completing the 10-year, $292 million deal.

Half of the termination clause payment will be deferred without interest.

The Venezuelan, a twelve-time All-Star selection and four-time batting champion, was twice the American League Most Valuable Player. In 2012, he became the first Triple Batting Crown winner since Carl Yastrzemski with the Boston Red Sox in 1967.

Cabrera, 40, finished with a .306 batting average, 511 home runs and 1,881 RBIs in 21 seasons, playing for the Miami Marlins for 5 years before finishing his career with the Tigers. This year, primarily as a designated hitter, he had a .257 average with four home runs and 34 RBIs.