Giles last pitched for the Blue Jays and will miss the 2021 season while recovering from Tommy John surgery.
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Matz, 29, went 0-5 in six starts with a 9.68 ERA in 2020. He's 31-41 with a 4.35 ERA in 107 starts for his career.
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Marcus Semien is reportedly signing a one-year, $18 million contract with the Toronto Blue Jays.
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Outfielder George Springer agreed to a six-year, $150 million deal with Toronto after seven seasons in Houston.
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The Rays are unlikely to offer Morton more than $10 million per year, according to MLB.com's Mark Feinsand.
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