Ramirez, who will be playing in the final year of a five-year, $75 million contract, had to inform the Cubs within five days of the end of the World Series whether he would become a free agent.
If Ramirez, 32, would have accepted the option to become a free agent, it would have voided his $14.6 million contract for 2011. The Cubs hold an option on Ramirez in 2012 for $15 million. The Cubs must pay Ramirez a $2 million buyout if they do not pick up that option.
Plagued by a slow start and injuries, Ramirez batted .241 with 25 home runs and 83 RBIs last season.
Bruce Levine covers baseball for ESPNChicago.com and ESPN 1000.