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Right-hander A.J. Burnett will opt out of his multiyear contract with the Toronto Blue Jays and declare free agency, his agent said Tuesday.

Agent Darek Braunecker said he's filed the necessary paperwork with the players' association and that Burnett will be opting out of the final two years of his five-year, $55 million contract. Burnett had two years and $24 million left on the deal.

"It's just a formality," Braunecker said from the general managers' meetings in Dana Point, Calif. "We're going to continue dialogue with [the Blue Jays]. But this is the formal exercise that allows us to talk to other people on A.J.'s behalf."

Blue Jays general manager J.P. Ricciardi said talks will continue on the possibility of a new deal for the hard-throwing right-hander, who turns 32 in January.

"We have a good dialogue going," Ricciardi said. "They're going to get back to us later in the week."

Ricciardi believes Braunecker's assertion that the Blue Jays remain an option.

"If we weren't a possibility, he wouldn't have said it," the GM said.

Burnett posted an 18-10 record with a 4.07 ERA for Toronto this season and established career highs with 34 starts and 221 1/3 innings pitched. He is expected to be seeking a four- or five-year deal for at least $16 million annually on the open market.

While CC Sabathia is the headliner in this winter's free-agent crop, Burnett ranks on the next tier with Derek Lowe and Ryan Dempster.

Ben Sheets could also be among that group, but there are concerns about his health after he pitched only 4 1/3 innings after Sept. 11 because of elbow issues.

Jerry Crasnick covers Major League Baseball for ESPN.com. Information from The Associated Press contributed to this report.