Raptors Said to be Nearing Extension With Pending Free Agent

The Toronto Raptors are reportedly nearing a multi-year extension with Kelly Olynyk ahead of his free agency this summer

Kelly Olynyk will be sticking around Toronto.

The 6-foot-11 Canadian center is reportedly expected to sign a multi-year extension with the Toronto Raptors at some point in the next few weeks, Doug Smith of the Toronto Star reported Thursday.

Toronto acquired Olynyk and Ochai Agbaji ahead of last week’s trade deadline in a deal with the Utah Jazz for Toronto’s least valuable 2024 first-round pick, Otto Porter Jr., and Kira Lewis Jr. Following the deadline, the Raptors made it clear they see Olynyk as a valuable veteran and floor-spacing big who should be able to help Toronto’s young core moving forward.

“I think the way we view him specifically is he's kind of like a steady hand,” Raptors general manager Bobby Webster said last Thursday. “We're excited to have Kelly. The conversations have been great. I think he really wants to be here.”

Olynyk is currently in the final year of a three-year, $37.2 million deal he signed in 2021. He’s set to become an unrestricted free agent this summer should he not sign an extension, but he’s conveyed an interest in inking a long-term deal to remain in Toronto.

“I would love to,” Olynyk said of the possibility of sticking with the Raptors following this season. “I’d love to be here for the rest of my career, hopefully, that plays out.”

The 32-year-old Olynyk is expected to sign a two-year deal, potentially with a third-year option, Smith wrote.

Toronto will want to get a deal done with Olynyk before the offseason starts to remove his $23.2 million cap hold for the summer. Assuming that number is closer to his current $12 million annual contract value, it’s possible the Raptors could free up some cap space should the organization renounce the rights to Gary Trent Jr. and Bruce Brown.