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Basketball news gathered from around the net.

Ricky Rubio, Wolves Agree Upon Four-Year, $55M Extension

Ricky Rubio and the Minnesota Timberwolves have agreed upon a four-year, $55 million extension.

Rubio has been one of the NBA's most creative passers since coming over from Spain in the 11-12 season, but his perimeter shot has remained a work in progress.

Rubio was the fifth overall pick in the 2009 NBA Draft.

Via Adrian Wojnarowski/Yahoo! Sports

Jimmy Butler Rejects 'Hometown Discount' Offer From Bulls

Jimmy Butler rejected the Chicago Bulls' final contract extension offer on Friday and will become a restricted free agent in the summer of 2015.

“It came down to me deciding that I want to bet on myself,” Butler told Yahoo Sports in a text message on Friday. “It was about me believing that I put the work in this summer to become a better player with the hope that my improvement will give the Bulls a better chance to win a championship.”

The Bulls would have the option to match any offer sheet Butler were to sign on the open market, but it could threaten their payroll structure or allow him to become an unrestricted free agent in 2017. 

“All the [rookie extension] deals done so far have shown that teams are building around their stars of the future, and they’re compensating those players as such,” agent Happy Walters told Yahoo Sports on Friday. “I was under the impression Jimmy was also viewed as one of those future building blocks with the Bulls.

“We tried like heck to get something done, but ultimately, the Bulls wanted a ‘hometown’ discount. While understandable, I doubt their GM or coaches give Mr. Reinsdorf a discount when negotiating their own deals.”

Via Adrian Wojnarowski/Yahoo! Sports

Klay Thompson, Warriors Agree Upon $70M Max Extension

Klay Thompson and the Golden State Warriors have agreed upon a four-year, $70 millon maximum contract extension.

The deal contains no options.

The Sacramento Kings reportedly made a late push to trade for Thompson by offering anyone other than DeMarcus Cousins or Rudy Gay.

Via Marc J. Spears/Yahoo! Sports

Brandon Knight, Bucks End Extension Talks

Brandon Knight and the Milwaukee Bucks have broken off extension talks.

Knight plans to enter restricted free agency in 2015.

Knight was acquired by the Bucks from the Detroit Pistons in 2013.

Via Adrian Wojnarowski/Yahoo! Sports

Klay Thompson, Warriors Hold No New Extension Talks

Klay Thompson and the Golden State Warriors have not held new extension talks ahead of Friday's deadline.

Thompson would become a restricted free agent in 2015 without a new deal.

The Warriors had an opportunity to acquire Kevin Love this offseason, but decided parting ways with Thompson wasn't worth it.

Steve Kerr said he remains "quietly confident" that a deal could get done.

Via Rusty Simmons/San Francisco Chronicle

Kawhi Leonard, Spurs End Extension Talks

Kawhi Leonard and the San Antonio Spurs have broken off talks on a contract extension.

Agent Brian Elfus and Leonard have held firm on their desire for a maximum contract extension, something Spurs management won’t consider until July.

“We feel Kawhi is deserving of a max contract, and we are disappointed that something couldn’t get done,” Elfus told Yahoo Sports. “There’s no debating Kawhi’s value. The market has been set. He’s done everything the Spurs have asked of him, exceeded all of their expectations. Coach [Gregg] Popovich has gone out of his way to call Kawhi the future face of the franchise. We have great respect for the Spurs organization, but here, we simply agree to disagree.

“There will be no shortage of teams interested in Kawhi’s services next year. There will be a lot of contract scenarios available to us, and we will explore them all.”

San Antonio could sign Leonard to a five-year, $90 million-plus extension now or next summer, if the Spurs are willing to make him their designated player. But Leonard could also sign an offer sheet with a rival team that includes a player option in the third season that would allow him to potentially leave the Spurs in 2017. 

Sources say the Spurs want to keep Leonard's contract off the books until they can explore free agent targets, especially since Tim Duncan and Manu Ginobili could retire.

Leonard would have a significantly smaller cap hold than what would be the first season of a max or near-max extension.

Via Adrian Wojnarowski/Yahoo! Sports

Ricky Rubio, Wolves Approximately $6M Apart On Extension Talks

Ricky Rubio is prepared to accept a four-year, $58 million deal from the Minnesota Timberwolves if he receives the offer.

The Wolves have offered a four-year, $52 million deal and could possibly go as high as $54 million.

Rubio would become a restricted free agent in the 2015 offseason if an extension cannot be reached.

According to Adrian Wojnarowski on early Friday evening, Rubio and the Wolves were making progress on a deal. "There's optimism, but no deal," wrote Wojnarowski.

Via Darren Wolfson/ESPN

Alec Burks, Jazz Agree Upon Four-Year, $42M Extension

The Utah Jazz and Alec Burks have reached agreement on a four-year, $42 million contract extension.

Burks' deal could climb to $45 million with reachable incentive clauses.

Burks, 23, is the third young Jazz player, along with Gordon Hayward and Derrick Favors, to reach a four-year new contract with the franchise.

Burks has developed into one of the NBA's better young shooting guards.

Via Adrian Wojnarowski/Yahoo! Sports

Jermaine O'Neal Hasn't Ruled Out Continuing Career

Jermaine O'Neal is not ruling out returning to the NBA for his 19th season after just turning 36.

“I can say If I don’t do well with this “being a fan” thing then I will think about playing again this year!” O’Neal tweeted Wednesday. “To be continued on this!

“But as of right now I’m enjoying working out, being a business man, watching my daughter volleyball games, and training my son! Perfect.”

Bob Myers, O’Neal’s former agent, said last month that the big man “probably” would not be with the Golden State Warriors this season as it already has three centers in Andrew Bogut, Festus Ezeli and Ognjen Kuzmic.

Via Diamond Leung/Mercury News

Cavs, Anderson Varejao Close To Three-Year, $30M Extension

The Cleveland Cavaliers are nearing agreement with Anderson Varejao on a three-year, $30 million extension.

Varejao is the longest tenured member of the Cavaliers, joining the club in 2004.

Varejao turned 32 last month and has been a productive player when healthy.

Via Marc Stein/ESPN

Celtics Exercise 15-16 Options On Olynyk, Sullinger, Zeller

The Celtics have exercised its third-year option on Kelly Olynyk, and its fourth-year options on Jared Sullinger and Tyler Zeller.

Robert Covington, 76ers Nearly Finalize Agreement; Forward Likely Signing In D-League

Robert Covington and the 76ers progressed toward finalizing a multi-year contract this week, but a deal has deteriorated as the two sides failed to agree upon contract length, league sources told RealGM.

Thunder Unlikely To Sign Reggie Jackson To Extension

The Thunder have typically not kept players on rookie contracts that didn't sign extensions.

Mavs Release Gal Mekel To Create Roster Spot For Barea

The Mavericks have released Gal Mekel.

Jimmy Butler, Bulls Unlikely To Agree Upon Extension

Jimmy Butler would become a restricted free agent in 2015.

Enes Kanter, Jazz Break Off Extension Talks

Enes Kanter will become a restricted free agent in the 2015 offseason.

Kemba Walker Agrees To Four-Year, $48M Extension With Hornets

Kemba Walker has agreed to a four-year, $48 million contract extension with the Hornets, according to sources.

Bucks Guarantee Contract Of Kendall Marshall For 14-15 Season

The Bucks could have waited until January to make a decision on Kendall Marshall.

Knicks Exercise Third-Year Option On Tim Hardaway Jr.

Tim Hardaway Jr. averaged 10.2 points over 23.2 minutes in 81 games (one start) last season for the Knicks and was named to the 2013-14 NBA All-Rookie first team.

Blazers Exercise 15-16 Options On Leonard, McCollum

The Blazers have exercised team options on the contracts of center Meyers Leonard and guard CJ McCollum.

Terrence Williams Works Out For Kings Again For Potential Signing

Terrence Williams worked out for the Kings on Monday for the second time since July, with an opportunity to sign, league sources told RealGM.

Tristan Thompson, Cavs Stall On Extension Discussions

Tristan Thompson is represented by Klutch Sports and LeBron James' agent and business partner Rich Paul.

Knicks Expected To Pursue Marc Gasol In Free Agency

Phil Jackson believes Marc Gasol is the "quintessential center to play in the triangle offense."

76ers Sign Malcolm Thomas

Malcolm Thomas is entering his fourth NBA season, having been named an NBA Development League All-Star last season.

Malcolm Thomas Agrees To Deal With 76ers

Malcolm Thomas will be a part of the 76ers' 15-man roster on opening night.

Knicks Waive Langston Galloway, Jordan Vandenberg

The Knicks have waived guard Langston Galloway and center Jordan Vandenberg.

Cavs Waive Shane Edwards

Shane Edwards appeared in six preseason games for the Cavs, averaging 1.5 points and 2.2 rebounds in 7.4 minutes per game.

Spurs Waive JaMychal Green, Edwin, Vaden

The Spurs' roster now stands at 15 heading into the regular season.

Justin Holiday Earns Warriors' Final Roster Spot

Justin Holiday was a standout for the Warriors' Summer League team this offseason.

Blazers Waive Diante Garrett, Darius Morris

The Blazers have waived Diante Garrett and Darius Morris.
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