The move does not come as a surprise as many speculated the Giants would non-tender Wilson. Wilson missed the majority of last season after undergoing Tommy John surgery. If the Giants had tendered him a contract, they would have owed him at least $6.8 million.
The Giants and Wilson reportedly discussed an incentive-laden contract, but were unable to come to terms by the deadline. It's still possible the two sides could reach a deal, but Wilson will now be free to negotiate with other teams. Previous reports said the Boston Red Sox and Los Angeles Dodgers could pursue the right-handed closer.
Wilson spent seven seasons with the Giants and recorded 171 regular season saves. His best season came in 2010, when he saved 48 games and posted a 1.81 ERA.