Fournette, the fourth overall selection in the 2017 draft, is entering the final year of his rookie contract and is due to make $4.17million in 2020.
With his option declined, as per NFL Network, Fournette will become an unrestricted free agent following the conclusion of the 2020-21 league year.
The Jaguars reportedly attempted to trade Fournette over the past month and the organisation had discussions with Tampa Bay and Miami, but were unable to complete a deal.
After a disappointing 2018 during which he played in only eight games and ran for 439 yards, Fournette rebounded with a career season in 2019.
He rushed for 1,152 yards and had a team-best 76 receptions in 15 games while totaling 1,674 yards from scrimmage to rank sixth in the NFL.
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