Fred VanVleet turned down a $114 million contract extension from the Toronto Raptors before the start of this season, sources told Josh Lewenberg of TSN.

VanVleet is set to be an unrestricted free agent at the end of the season.

The Raptors front office has spoken about its desire to keep VanVleet beyond this year. There's no indication that the team has changed its stance on VanVleet despite their current struggles.

Tyler Herro's recent four-year, $130 million contract could be a baseline of what VanVleet would expect in the open market.