Report: Raptors' VanVleet rejected $114M extension in offseason

Toronto Raptors guard Fred VanVleet declined a contract extension worth around $114 million over the offseason, a source told TSN's Josh Lewenberg.

The offer was the maximum amount the Raptors could put forward, Lewenberg reports. VanVleet can still sign an extension worth that amount until the end of the season.

VanVleet has a player option worth $22.8 million for the 2023-2024 season, according to Spotrac. He signed a four year, $85-million contract with Toronto in the 2020 offseason.

The 28-year-old has had a down campaign for the Raptors, averaging 18.8 points on 37.7% shooting from the field in 37.1 minutes per game. His three-point shooting has also dipped down to 32.5%, a new career low.

"I promise I'll take all the criticism and questions and concerns at the end of the season but we've got a long way to go. I'm not giving up," VanVleet said Friday, according to Lewenberg. "I'm never going to hang my head. I'm always going to stay positive and stay confident."

Toronto has until Feb. 9 to decide if they want to move the veteran guard. The Raptors have stumbled over the last 10 games, going 3-7. Holding a 16-23 record, Toronto has the sixth-best odds of obtaining the first pick in the 2023 draft and a 37.2% of landing a top-four selection, according to Tankathon.