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Jonas Valanciunas Finalizing 4-Year, $60 Million Extension with Raptors

UPDATE: Jonas Valanciunas has officially signed the 4-year, $60 million extension with the Toronto Raptors.

Jonas Valanciunas is just 23-years old and the Raptors have high hopes for the Lithuanian big man. There is a good chance that “Big V” breaks out this coming season and the Raps are ready to throw down some big money to lock him up.

Valencianas has left Lithuania to come back and finalize a four-year, $60 million contract extension with the team that drafted him fifth overall in the 2011 NBA Draft.

The 7-footer averaged 12 points and 8.7 rebounds per game for the Raps last season. Via ESPN:

The Toronto Raptors and center Jonas Valanciunas are in advanced discussions on a four-year contract extension worth in excess of $60 million, according to league sources.

Sources told that the Raptors and Valanciunas are closing in on a deal that would allow him to join Anthony Davis and Damian Lillard on the list of 2012-13 rookies to receive extensions this summer.

The Raptors, sources say, are eager to get a deal done with the 23-year-old that prevents him from hitting the open market next summer, when the salary cap jumps dramatically and more than half the league will be armed with sufficient salary-cap space to try to sign him away.

Doing a deal now, meanwhile, would bring a measure of security for Valanciunas heading into the EuroBasket Tournament with his native Lithuania next month. Lithuania coach Jonas Kazlauskas announced Monday to local reporters that Valanciunas is briefly leaving the team to return to Toronto for a physical and to finalize the deal.

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