There had been widespread speculation that Greinke would opt out of the contract despite having three years and $71 million remaining on the six-year deal he signed with the Dodgers before the 2013 season.
Citing multiple sources in its report, CBSSports.com reported that Greinke should receive multiple contract offers of at least $125 million over five years, according to one general manager.
Greinke, who turns 32 on Wednesday, is coming off the best season of his 12-year career and figures to be a contender for the National League Cy Young Award. The three-time All-Star went 19-3 with a major league-leading 1.66 ERA this season.
Greinke emphasized that he was "not even thinking" about his future with the Dodgers after Thursday's season-ending loss to the New York Mets in Game 5 of the NLDS.
"It would be nice to be back [with the Dodgers]," Greinke said after pitching 6 innings in Los Angeles' 3-2 loss. "I'm not even thinking about it. It's more about today, I guess. Maybe after I get home."
Information from The Associated Press was used in this report.
Is Greinke's time in LA over?
Alex Cora reacts to Zack Greinke's decision to opt out of his contract with the Dodgers.