Miami offered Chapman $87 million, according to Joel Sherman of the New York Post, which was $1 million more than he ended up accepting from the Yankees.
With the flame-throwing southpaw off the table, the Marlins have reportedly turned their attention to Kenley Jansen, offering him a five-year contract exceeding $80 million. They've also been linked to more affordable options such as Brad Ziegler and Koji Uehara.
Miami has reportedly been on the hunt for a closer for most of the offseason, despite having All-Star A.J. Ramos - who saved 40 games last season - in their bullpen.
Chapman returns to the Big Apple, where he spent a small chunk of the 2016 season, appearing in 31 games.
Over the course of the 2016 campaign, he appeared in 59 games, recorded 36 saves during 58 innings, and struck out 90.