ORLANDO — Anthony Rendon isn’t retiring, but he also isn’t expected to play in 2026, regardless of whether he’s on the Los Angeles Angels’ roster or not, and the club is filling out its roster as such.

The two sides have yet to initiate formal conversations about reaching a buyout agreement, industry sources indicated. If the Angels were to work out a deal, they could then use some of the $38 million that Rendon is owed in 2026 on other players. Those discussions would undoubtedly involve owner Arte Moreno.

Rendon remains amenable to it, industry sources say, and the Angels remain hopeful.

In response to a report last month that the Angels and the 35-year-old were in talks about potentially restructuring the final year of his seven-year, $245 million deal, general manager Perry Minasian said during availability, “Nothing to say about that in this current moment.”

Minasian declined to say if the report was accurate, noting that Rendon is currently rehabbing from his second hip surgery.

Rendon, who has not played more than 60 games since 2019, even with the pandemic-shortened season removed, isn’t expected to retire because doing so would forfeit the remaining $38 million left on his deal. Any potential restructuring would fall more along the lines of first baseman Chris Davis and starting pitcher Stephen Strasburg, whose careers were cut short due to medical issues.

The trio are all represented by Scott Boras, and in those prior cases, the players will receive the remainder of their contract over time, albeit with deferrals.

The Angels could also release Rendon, though they would still be on the hook for his salary, making restructuring that money a more team-friendly option, though one that has a lot of hoops to jump through, including mutually agreeing on the amount and interest of the deferrals before seeking final approval from the MLBPA.

Nothing is imminent on that front, and there’s nothing to suggest that the two sides, if they do start negotiating, will agree to anything. Rendon has been made aware of the Angels’ request, according to industry sources.

A key cog in the Washington Nationals’ run to winning the 2019 World Series, Rendon played in 146 games, posting 7.3 bWAR and earning his first All-Star nomination and his second Silver Slugger award in his platform year.

In the time since signing his deal ahead of the 2020 season, Rendon has played in just 257 games, including missing all of last season.

Given his injury history and the albatross Rendon’s deal has become, this will be his final big-league contract, and it remains a real possibility that he’s played in his final big-league game.