"As a matter of policy, we don't comment on speculation," Angels vice president of communications Tim Mead told The Associated Press.
New York reportedly had offered the slugger a guaranteed three-year, $30 million contract with fourth and fifth year incentive options that could have raised the total value to $71 million.
Guerrero's agent, Arn Tellem, notified Mets general manager Jim Duquette that his client would be signing a multiyear deal with another team.
"I understand the disappointment of the fans," Duquette said to The Associated Press. "The organization is disappointed, too. We made a legitimate run and we thought we had a chance to get him. We missed out on this guy unfortunately, but we're going to go forward with our plan."
The Mets have been concerned over the twenty-eight-year-old's health issues, which landed him on the disabled from June 6 to July 21 last season with a herniated disc in his back.
"We weren't willing to make a guaranteed five-year offer, that was based on the advice of our doctors," Duquette said to The Associated Press. "Our offer was predicated on the health concern."
While with the Montreal Expos, he hit .330 with 25 home runs and 79 RBIs in 2003.