In line with rumblings from earlier today, the Rays will extend a $17.4MM qualifying offer to right-hander Alex Cobb, Jon Heyman of FanRag tweets. Cobb ranks as the 11th-best free agent available on MLBTR’s Top 50 Free Agents list.

As Heyman notes, the 30-year-old Cobb has only made $9MM thus far in his career, but will now receive the opportunity to nearly triple that amount if he accepts the QO. Of course, there’s certainly a higher ceiling for him on the free agent market. The MLBTR team believes he could land a 4-year, $48MM contract if he tests free agency this winter.

Tampa Bay originally selected Cobb out of Vero Beach High School in the 4th round of the 2006 draft. He made his major-league debut in 2011, and went on to pitch 520 2/3 innings for the Rays at the major league level before being placed on the DL to begin the 2015 season. What was then described as right forearm tendinitis was eventually revealed to be a partial tear of his UCL. Cobb had the Tommy John procedure in May of that season and didn’t pitch in the majors again until 2016.