The former first-round pick slashed .156/.252/.393 with eight home runs in 42 games with the Rays in 2020 before adding a pair of long balls in 12 postseason contests.
The Rays get 10 days to trade Renfroe or place him on waivers. He's arbitration-eligible for the first time this offseason.
The club also designated infielder/outfielder Brian O'Grady for assignment.
Tampa's moves made room on the club's 40-man roster for outfielder Josh Lowe, pitcher Drew Strotman, and infielder Taylor Walls ahead of Friday's reserve-list deadline. None of those players will be exposed to the Rule 5 Draft in December.