Shreve declined an outright assignment to the minors Saturday and elected free agency.
Shreve finished with a 3.20 ERA in 56.1 innings of relief this season, but his peripherals don't support that number very well, as he struck out a career-low 19.1 percent of opposing batters while walking 11.9 percent. Still, as a competent enough lefty reliever, he should be able to find work on the open market.