Pedro Feliciano officially declined arbitration on Tuesday, meaning it’s unlikely he’ll be back with the Mets next season.

Usually, these situations are not so black-and-white, cause-and-effect. In most cases, when a free agent declines arbitration from his former club, it’s just a formality that won’t prevent the player from re-signing at a later date. But Feliciano declined arbitration to seek a multi-year deal on the market, and the Mets, given their current financial situation, simply won’t be willing or able to offer one.

The Mets have finite dollars to spend on free agency this winter, perhaps as little as $5-10 million. Allotting more than half of that budget on a one-out reliever doesn’t seem prudent.

That’s not to say a return to New York is impossible. Feliciano lives in the city and enjoys it, and wouldn’t uproot his family without good reason. If he can’t find the type of contract he’s looking for elsewhere, the Mets represent a decent backup plan. But if Joaquin Benoit’s three-year, $16.5 million deal with the Tigers was any indication, the market for relief pitching will be strong this winter. Someone will pay Feliciano. And the Mets, as much as they appreciate what Feliciano has done for them over the past nine seasons, simply can’t afford to be that someone.

—–Follow along on Twitter @AnthonyDiComo.

Moments after new general manager Sandy Alderson revealed last week that the Mets would offer arbitration to lefty reliever Pedro Feliciano, a reporter asked Alderson if he was willing to stomach the risk that Feliciano might accept.

“Apparently,” Alderson said, chuckling.

It was a nervous chuckle, because it’s a legitimate risk. If Feliciano, a Type B free agent, opts to accept arbitration — something his agent told Newsday he is considering doing — then the Mets would be forced to offer him a one-year contract at a raise from the $2.9 million he made last season. Spending close to $4 million on a lefty reliever is a luxury that some winning teams may be able to stomach, but for a rebuilding team such as the Mets, it’s simply bad business. The Mets have a finite budget this winter, with reportedly as little as $5 to $10 million to spend on the open market. Allotting more than half of it to an aging, overworked specialist may set things back a bit.

The Mets would most likely be better served if Feliciano rejected arbitration and signed elsewhere, thus netting his old team a second-round Draft pick. But Feliciano lives in New York, loves New York and wants to stay here. Doing so for guaranteed millions may sound like a pretty good deal to him. Such was the risk of offering arbitration.

Then again, lefty relievers are often in high demand come midsummer. So if Feliciano does accept arbitration, the Mets could bank on him starting out strong and building enough trade value that, if they’re lucky, could net them something more than a second-round pick. But given Feliciano’s age, salary and history of usage, that is most certainly a risk.

Feliciano’s deadline to accept or reject arbitration is this Tuesday, Nov. 30.

—–Follow along on Twitter @AnthonyDiComo.