Warriors reportedly nearing agreement with upcoming free agent

The Toronto Raptors are allegedly negotiating a multi-year deal with Kelly Olynyk before his free agency this summer.

Doug Smith of the Toronto Star reported Thursday that the 6-foot-11 Canadian center is poised to sign a multi-year agreement with the Toronto Raptors in the coming weeks.

Prior to last week’s trade deadline, Toronto acquired Olynyk and Ochai Agbaji from the Utah Jazz in exchange for Toronto’s least valuable 2024 first-round pick, Otto Porter Jr., and Kira Lewis Jr. Following the deadline, the Raptors made it plain that they see Olynyk as a vital veteran and floor-spacing big man who can aid Toronto’s youthful core in the future.

“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 thrilled to welcome Kelly. The conversations have been excellent. “I believe he really wants to be here.”

Olynyk is in the final year of a three-year, $37.2 million contract that he signed in 2021. He’s poised to become an unrestricted free agency this summer if he doesn’t sign an extension, but he’s expressed a desire in signing a long-term deal to stay in Toronto.

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

Smith said that Olynyk, 32, is set to sign a two-year contract with a third-year option.

Toronto will want to reach an agreement with Olynyk before the offseason begins to eliminate his $23.2 million cap hold for the summer. Assuming that number is closer to his current $12 million annual contract value, the Raptors may be able to free up some cap space if they renounce the rights to Gary Trent Jr. and Bruce Brown.