Luba, however, said Bauer remains open to discussing a return to Cincinnati and "all other interested teams thru Free Agency."
"Why wait for the QO to expire to state the obvious,'' agent Rachel Luba tweeted Wednesday. She added that Bauer "believes the QO is a ridiculous process so let's just put it to bed.''
Bauer, 29, who went 5-4 with a National League-leading 1.73 ERA in 11 starts last season and is a finalist for the NL Cy Young Award, was one of six players in Major League Baseball to receive the qualifying offer.
His salary in 2020 was $17.5 million.
If Bauer signs with another team, the Reds will receive draft-pick compensation in the 2021 draft.
Players have until Nov. 11 to decide whether to accept the qualifying offer.
In nine seasons, Bauer is 75-64 with a 3.90 ERA. Drafted No. 3 overall by the Arizona Diamondbacks in 2011, he was traded to Cleveland in a three-team deal in 2012 and spent seven seasons with the Indians before he was traded to the Reds in 2019.
ESPN's Kiley McDaniel ranks Bauer as the top pitcher and No. 4 overall player available this offseason in free agency.
The Associated Press contributed to this report.