Why does dnf fails with error "OptionBinding with id failovermethod does not exist"

Issue

• If failovermethod=priority defined under repository file, Then dnf command generates below error messages :

# dnf repolist
Updating Subscription Management repositories.
Invalid configuration value: failovermethod=priority in /etc/yum.repos.d/base.repo; Configuration: OptionBinding with id "failovermethod" does not exist
Invalid configuration value: failovermethod=priority in /etc/yum.repos.d/base.repo; Configuration: OptionBinding with id "failovermethod" does not exist
repo id                                 repo name
app                                     appstream
base                                    baseos
rhel-8-for-x86_64-appstream-rpms        Red Hat Enterprise Linux 8 for x86_64 - AppStream (RPMs)
rhel-8-for-x86_64-baseos-rpms           Red Hat Enterprise Linux 8 for x86_64 - BaseOS (RPMs)