SAN FRANCISCO -- Left-hander Blake Snell has exercised his right to opt out of his contract with the San Francisco Giants to become a free agent for the second straight offseason.

The two-time Cy Young Award winner agreed in March to a $62 million, two-year contract that included a $17 million signing bonus payable on Jan. 15, 2026, a $15 million salary for 2024 and a $30 million salary for 2025, of which $15 million would have been deferred and payable on July 1, 2027.

Snell, 31, was 5-3 with a 3.12 ERA in 20 starts, throwing a no-hitter at Cincinnati on Aug. 2 for one of only 16 individual shutouts in the major leagues this season. He struck out 145 and walked 44 in 104 innings.

He was sidelined between April 19 and May 22 by a strained left adductor and between June 2 and July 9 by a strained left groin.

Snell won Cy Young Awards in 2018 with Tampa Bay and 2023 with San Diego. He is 76-58 with a 3.19 ERA in nine seasons with the Rays (2016-20), Padres (2021-23) and Giants.

Because Snell turned down a qualifying offer from San Diego last November, San Francisco is not eligible to make him a qualifying offer this offseason and won't receive draft-pick compensation if he signs with another team.