Gay is turning down a salary of $8.8 million in order to hit free agency.
The 31-year-old veteran signed a two-year, $17 million deal with the Spurs in the offseason of 2017, and the deal contained a player option on the second year. For the first time in his 11-year NBA career, Gay served in a reserve capacity in his lone season in San Antonio.
He appeared in 57 games during the 2017-18 campaign, contributing admirably with averages of 11.5 points and 5.1 rebounds.
The Spurs are now waiting for the decision of shooting guard Danny Green. He has a player option of $10 million.