Report: Raptors' Fred VanVleet to opt out of player option, will become free agent

VanVleet has reportedly chosen to hit the open market and cash in on another big contract.

TORONTO, ON - APRIL 12: Fred VanVleet #23 of the Toronto Raptors looks on after being defeated by the Chicago Bulls during the 2023 Play-In Tournament at the Scotiabank Arena on April 12, 2023 in Toronto, Ontario, Canada. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Andrew Lahodynskyj/Getty Images)

Toronto Raptors guard Fred VanVleet has reportedly declined his player option for the 2023-24 season, and is set to become an unrestricted free agent, according to ESPN's Adrian Wojnarowski.

VanVleet was set to make $22.8 million in the final year of a four-year, $85 million contract, which is the biggest contract signed by an undrafted player in NBA history. He had until Wednesday to decide whether he was opting in or out of his option.

The 29-year-old has spent his entire seven-year NBA career with the Raptors, joining the club on a two-year deal with Toronto after going undrafted in the 2016 NBA Draft.

In 417 career NBA games, VanVleet has averaged 14.6 points, 5.3 assists and 5.3 rebounds per game, while shooting 40.2% from the field and 37.3% from three-point range. The Rockford, Illinois native was named to the All-Star team in 2021-22, and helped lead the Raptors to the franchise's first ever NBA Championship in 2019.

The Raptors can still sign VanVleet to a contract extension, and can offer him more money than other teams thanks to the league's Bird rights rule. The Raptors could also explore the sign-and-trade route, similar to the deal they made to send Kyle Lowry to the Miami Heat in 2021, if VanVleet prefers to continue his career elsewhere.