The Toronto Blue Jays appear to be moving on from Edwin Encarnacion.

After ongoing negotiations - which reportedly included a four-year, $80-million offer - between the Blue Jays and Encarnacion failed to reach a positive conclusion, a source close to the negotiations tells TSN baseball insider Steve Phillips the Blue Jays are "out" on the 33-year-old Dominican.

Toronto inked Steve Pearce to a two-year contract on Monday, which Phillips said was done in order to form a platoon with Justin Smoak at first base, while Kendrys Morales - who signed a three-year deal with the Blue Jays last month - will slot in as the team's designated hitter.

Upon learning of the Pearce signing, Encarnacion told his agent Paul Kinzer "he's disappointed," Jon Morosi of FOX Sports reports.

Kinzer told Morosi the $80-million offer made to his client by the Blue Jays came during a "quiet period," and Encarnacion wasn't ready to decide before hearing from other clubs. Once Encarnacion rejected Toronto's offer, the Blue Jays moved on to Morales and Pearce quicker than they anticipated.

Encarnacion is reportedly seeking money in a similar range to the $110-million deal the New York Mets signed Yoenis Cespedes to this offseason.

Encarnacion has drawn plenty of interest from clubs such as the Houston Astros, New York Yankees, Boston Red Sox, Texas Rangers, and Cleveland Indians throughout the offseason thus far, although the Astros and Yankees signed Carlos Beltran and Matt Holliday this past weekend, respectively.

Encarnacion remains one of the top free agents on the open market after an impressive campaign, which included 42 home runs, 127 RBIs, and an .886 OPS.