Monta Ellis has informed the Milwaukee Bucks that he will opt out of his contract for the 13-14 NBA season.

Ellis had an option for $11 million.

The Bucks had offered Ellis an extension worth $36 million.

The Toronto Raptors will hire Jeff Weltman as their second in command behind Masai Ujiri.

Weltman will remain with the Milwaukee Bucks, however, until after the draft.

Weltman signed an extension with the Bucks in January.

The Milwaukee Bucks offered a two-year extension to Monta Ellis that would have resulted in a total package of nearly $36 million over three years, according to sources.

Ellis would have had to opt in to the additional two years.

Ellis has until June 20 to decide whether to opt into the final season of his deal. Ellis signed a six-year, $66 million contract with the Golden State Warriors in 2008.

Shane Larkin might be gone by the time the Milwaukee Bucks select 15th in the NBA Draft, but he would want the organization to pick him if possible.

"I kind of had that same setup down in Miami," Larkin said. "So coming in here and running the pick-and-roll with those guys would be a lot like at Miami. It seems like a good fit to me."

Larkin, 20, has studied the Bucks' personnel and said he would be comfortable playing in a lineup with Larry Sanders and Ersan Ilyasova.

"Actually Larry Sanders was at VCU when coach Shaka (Smart) was recruiting me, so I knew about him," Larkin said. "I played with a stretch 4 (at Miami), so that's like Ersan."

Jeff Weltman is being pursued by the Toronto Raptors to join their front office.

Weltman has been with the Milwaukee Bucks since 2008 and received an extension in January.

Weltman has received interest from the Los Angeles Clippers and Phoenix Suns for their general manager vacancies in recent years.

Masai Ujiri has been turning over the Raptors' front office since being hired last week as GM.

Herb Kohl is committed to keeping the Milwaukee Bucks from relocating by replacing the Bradley Center.

The Bradley Center opened in 1988.

"We have to find a way and we will find a way," Kohl said. "We know we have to find a way to a new facility and we will. The question is when and how. But we will because that is the future of not only the Bucks ... Milwaukee and Wisconsin need a 21st century sports and entertainment complex."

Kohl was asked how long he is going to stay owner of the Bucks.

"For the foreseeable future," Kohl said. "I have always said I will own the team until it's sold at some point to somebody or some group that ... is dedicated to keeping it here in Wisconsin. So when the time comes and the right person or group appears, my mind will start moving in another direction. But they must stay here. That's the bottom line."

Larry Drew has accepted the Milwaukee Bucks' offer to become their next head coach.

Drew was most recently head coach of the Atlanta Hawks. 

The Hawks reached the playoffs in each of Drew's three seasons as head coach.

Drew will replace former interim head coach Jim Boylan who had succeeded Scott Skiles.

The Bucks enter an uncertain offseason in which Brandon Jennings, Monta Ellis and J.J. Redick will be free agents.

Monta Ellis can become a free agent this offseason and his interest in signing with the Sacramento Kings has increased upon their decision to hire Mike Malone, according to a source.

Ellis became familiar with Malone during their time together with the Golden State Warriors.

The Warriors traded Ellis to the Milwaukee Bucks at the 2012 deadline.

There is a rising belief among NBA executives that the Milwaukee Bucks prefer to re-sign Monta Ellis over Brandon Jennings this offseason, when likely both will be free agents.

Ellis will become an unrestricted free agent if he opts out of the one season left on his contract.

Jennings will be a restricted free agent on July 1.

There is a sense the Bucks prefer Ellis and J.J. Redick in their backcourt moving forward.

The 2013 Vegas Summer League will be comprised of 22 teams and run from July 12 to July 22.

Atlanta Hawks (2010-12)
Charlotte Bobcats (2008, 2012)
Chicago Bulls (2005, 2009-12)
Cleveland Cavaliers (2004-12)
Dallas Mavericks (2005-12)
Denver Nuggets (2004-12)
Golden State Warriors (2005-12)
L.A. Clippers (2005-12)
L.A. Lakers (2007-12)
Memphis Grizzlies (2007-12)
Miami Heat (2010-12)
Milwaukee Bucks (2007-12)
Minnesota Timberwolves (2006-12)
NBA D-League Select (2009-12)
New Orleans Pelicans (2005-12)
New York Knicks (2005-12)
Phoenix Suns (2004-12)
Portland Trail Blazers (2005-12)
Sacramento Kings (2005-12)
San Antonio Spurs (2007-12)
Toronto Raptors (2008-12)
Washington Wizards (2004-12)