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Reds' Ludwick turns down option

Cincinnati, OH (Sports Network) - Cincinnati Reds outfielder Ryan Ludwick will head to free agency after declining a mutual contract option on Wednesday.

Ludwick would have made $5 million for the 2013 season under the agreement, but will instead receive a $500,000 buyout. The 34-year-old originally signed a 1-year deal that included the option with Cincinnati in January.

The well-traveled veteran was a key contributor to the Reds' run to last season's National League Central title, belting 26 homers and knocking in 80 runs while batting .275 over 125 games. The home run total was the second- highest of Ludwick's 10-year major league career.

Ludwick is a career .263 hitter with 143 homers in stops with Texas, Cleveland, St. Louis, San Diego, Pittsburgh and the Reds.

The Reds also announced on Wednesday that they will not exercise an $11 million option on closer Ryan Madson for 2013, instead giving him a $2.5 million buyout.

Madson signed a one-year, $6 million deal with the Reds last winter after registering a career-best 32 saves for Philadelphia in 2011, but missed all of the past season after undergoing Tommy John surgery during spring training.

10/31 21:11:59 ET