NFL Media Insider Ian Rapoport reported Monday that Babin has voided the final two years of his contract to become a free agent, according to a source who has spoken with the defensive end.
ESPN's John Clayton first reported Babin's decision.
Babin was scheduled to earn $6.175 million in each of the final two years of his contract. He was a strong candidate for release before Monday's decision to opt out. According to Rapoport, Babin declined a pay cut to stay in Jacksonville.
Babin was a 16-game starter for the Jaguars last season, finishing with 40 tackles, 7.5 sacks and three forced fumbles. He'll turn 34 in May. His best season came with the Philadelphia Eagles in 2011, when he finished third in the NFL with 18 sacks.
Babin is probably best suited as a situational pass rusher at this stage of his career. He should be able to find work, but his prime-earning years are over.