(CBS) The Cubs have missed out on one of their top targets in free agency.

Catcher Russell Martin has agreed to a deal with the Toronto Blue Jays, MLB Network insider Peter Gammons reported late Monday morning. CBSSports.com MLB insider Jon Heyman confirmed it.

Martin’s deal was for five years and reportedly worth $82 million, which is similar to the five-year, $85-million contract that Brian McCann signed with the Yankees last offseason.

The Cubs displayed serious interest in Martin, as 670 The Score’s Bruce Levine reported recently. Chicago met with Martin during the first week of November, but in the end it appears the Cubs didn’t want to pony up the money that Toronto did for Martin.

Martin’s 2014 campaign was his best all-around season since 2007. He hit .290 with 11 home runs, 67 RBIs and a .402 on-base percentage. Martin was also second in the National League in throwing out 39 percent of runners.