Schwarber, 32, entered free agency at the start of the offseason and was interested in a homecoming to join the Cincinnati Reds. The New York Mets, Pittsburgh Pirates and Boston Red Sox were also reported to be interested in signing the slugger.
Passan in his report said the Reds were not able to meet the financial demands sought.
Schwarber finished the 2025 season with hit 56 homers while driving in 132 runs and scoring 111 times and finished second in NL MVP voting.
He has hit at least 38 home runs as the primary designated hitter for the Phillies in each of the past four seasons and has twice led the NL in his career.
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