The Brewers have exercised their half of a $14MM mutual option on third baseman Aramis Ramirez, reports Jon Heyman of CBS Sports (Twitter link). Ramirez and his agents at Kinzer Management will now have three days to decide whether to accept their half or decline in favor of free agency.

Should Ramirez exercise his half, he’d be locked into a one-year, $14MM deal to return to the Brewers. If he forfeits that salary, the Brewers could still make him a one-year, $15.3MM qualifying offer. The team has obviously expressed a willingness to pay him $14M, so it stands to reason that the additional $1.3MM wouldn’t be too much of a detriment, especially considering the fact that it would secure them a compensatory draft pick at the end of the first round of the 2015 draft should Ramirez decline the offer and sign elsewhere.

MLBTR’s Tim Dierkes recently penned a free agent profile on Ramirez noting that he believes Ramirez can find a two-year, $30MM contract on the open market without a qualifying offer attached but may have to settle for a lesser annual value and take something along the lines of a two-year, $26MM deal if the Brewers make the QO.

One other option, as Tim covered in the profile, would be for the two sides to work out a compromise over the next 72 hours and draw up a new two-year deal at a slightly lesser rate than the QO or the current $14MM sum. Tim speculated that the same $26MM price tag might make sense for both sides, and I’m inclined to agree.

Ramirez, 36, batted .285/.330/.427 with 15 homers in 133 games (531 plate appearances) this season, though he did struggle in the season’s second half. Nevertheless, 2014 marked the 11th time in the past 12 seasons that Ramirez has posted an OPS+ of 100 or better. He averaged a 134 OPS+ from 2011-13, suggesting that he can still produce at a very high offensive level even as he ages.