CINCINNATI -- In a decision that likely settles offseason questions about filling the Reds rotation, free-agent pitcher Nick Martinez has accepted the club's qualifying offer to return for the 2025 season. Martinez also did not rule out the possibility of staying longer.

Martinez, 34, will play under a one-year, $21.05 million contract after accepting the offer on Monday ahead of Tuesday's 4 p.m. ET deadline. He was the only one of the 13 players who received a qualifying offer this offseason to accept the deal. The Reds would have received a compensation Draft pick had Martinez signed elsewhere.

The Reds announced the deal on Tuesday, and Martinez was thrilled about staying with Cincinnati after exploring the open market.

“We were definitely hearing calls, taking them and seeing what was out there," Martinez told MLB.com from his offseason home in Miami. "We’re still able to talk [with the Reds] about a multi-year deal. To my understanding, that’s still on the table. We’re continuing to talk and see what we can do. This was just because of deadlines and stuff to accept the qualifying offer.

"Being in Cincy, to run it back with these guys, was a better option for me. I’m comfortable with these guys. I’m excited to run it back with them.”

After the World Series, Martinez exercised his opt-out clause in the two-year, $26 million contract he signed last December. Had he remained with Cincinnati, he would have made $12 million in 2025. With the large raise he received, he will be the Reds' highest-paid player next season, well ahead of infielder Jeimer Candelario's $16 million.

Martinez is coming off the most productive season of his Major League career, and his versatility was a boost for the Reds.

In 42 games last season, including 16 starts, Martinez was 10-7 with a 3.10 ERA. In 11 starts after returning to the rotation full time on Aug. 5, he posted a 2.42 ERA, and he recorded a 0.83 ERA over his final five starts.

In 26 games as a reliever, Martinez had a 1.86 ERA. He was the first Reds pitcher since Norm Charlton in 1990 to win at least five games as a starter and five games as a reliever in the same season.

Martinez singled out Reds catcher Tyler Stephenson as one of multiple reasons he wanted to return, as well as pitching coach Derek Johnson among members of the staff.

"Working with Stevo again, he’s one of the best catchers I’ve ever worked with,” Martinez said. "Working with our coaching staff -- DJ, [assistant pitching coach] Alon [Leichman] and [bullpen coach Matt] Tracy, and scouting reports with [Kyle] Arnsberg, we had such a good rapport, a good flow about how we get our information and how we attack guys and identifying strengths and weaknesses in myself and the hitters. All that stuff was very enticing to come back.”

Another factor for Martinez was the Reds' new manager, Terry Francona.

"Throw in the hiring of Tito and the culture he creates in the clubhouse, it was very promising for the direction this team is going," Martinez said.

Francona, who was hired in October, reached out to Martinez before he opted out.

Said Martinez: "He said, ‘We would like to have you back. I don’t want to get in the way of your process. You’ve earned this process and free agency. I am just excited to join the Reds and would love to have you back.’ I just got off the phone with him. We were both excited to get things going. I’m excited to play for him. Obviously, his reputation precedes him. I’m excited to have that culture around the clubhouse.”

Had Martinez departed, the Reds likely would have used the offseason to try to find a dependable veteran to fill out their rotation. Hunter Greene, Andrew Abbott, Nick Lodolo and Rhett Lowder are expected to be part of the 2025 rotation.

But getting Martinez back after he was voted as the Reds' pitcher of the year in 2024 by the Cincinnati chapter of the BBWAA, it gives the club a known and dependable right-hander for one more season.