Martin and Liriano, both 31, have each played two seasons in Pittsburgh. Martin batted .290 this season, his best average since 2007. Liriano finished ninth in Cy Young voting in 2013 and posted the second- and third-lowest ERAs of his career in his time with the Pirates.
After declining the one-year, $15.3 million qualifying offer, both players will seek multi-year contracts in free agency. If they sign with a team other than Pittsburgh, the Pirates will receive a compensatory draft pick.
Martin met with representatives from the Cubs last week, according to ESPN.
Martin was ranked the seventh-best free agent available this offseason, while Liriano was ranked 20th.