The 36-year-old center intends to negotiate a lower annual salary so that the Spurs are able to offer free agents more money this offseason, according to the San Antonio Express-News.
The Vertical first reported Gasol’s decision to opt out.
Gasol averaged a career-low 12.4 points, 7.8 rebounds and 1.1 blocks over 64 games (39 starts) in his first season with the Spurs last season.
The 16-year Spanish veteran has career averages of 17.9 points, 9.4 boards and 1.7 blocks in 1,119 games with the Spurs, Chicago Bulls, Los Angeles Lakers and Memphis Grizzlies.
Gasol is a six-time All-Star and a two-time NBA champion.
Former All-Star David Lee is also expected to opt out of his deal with San Antonio. Lee’s option for next season is worth $1.6 million. The 34-year-old averaged 7.3 points and 5.6 rebounds in 79 games last season.