LAS VEGAS (AP) — Quarterback Derek Carr turned down a trade offer from the Las Vegas Raiders to the New Orleans Saints, a person with knowledge of the decision said Sunday.

The person spoke on condition of anonymity because they weren’t authorized to comment publicly.

That person said Carr wouldn’t accept a pay cut to help finalize the deal, and the Saints were the only team interested in making a trade with the Raiders. Carr has a no-trade clause in his contract.

Given those circumstances and Wednesday’s deadline for the Raiders to trade or release Carr, it appears Las Vegas will cut the veteran quarterback. If the Raiders keep him on their roster, they will owe him $40.4 million in guaranteed money over the next two years.

Sources: #Raiders QB Derek Carr has informed the team he won’t accept a trade to the #Saints or any other team. The team is expected to release him and he’ll be a top free agent. pic.twitter.com/k0LcLRlDOo

— Ian Rapoport (@RapSheet) February 12, 2023

He indicated Feb. 2 that being released and hitting the free-agent market was his preferred route, saying then he wouldn’t waive his no-trade clause.

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Carr visited the New Orleans Saints last week, according to three sources with knowledge of the trip.

☠️ pic.twitter.com/fuSOAWkwk8

— Derek Carr (@derekcarrqb) January 12, 2023

Carr, 31, played nine seasons for the Raiders and holds club records for yards passing (35,222) and touchdown passes (217), but without a playoff victory. The Raiders benched him with two games remaining this season, partly because Carr was struggling and partly because they would owe him the guaranteed money if he got hurt.