Team president Masai Ujiri nearing lucrative extension with Raptors

The Toronto Raptors and team president Masai Ujiri are in advanced negotiations on a contract extension, according to league sources.

Sources said the Raptors and Ujiri are nearing agreement on a lucrative new deal that will keep the 46-year-old in Canada for the foreseeable future, even though he still has nearly two years left on the original five-year, $15 million pact he signed with Toronto in May 2013.

The Nigeria native, who's currently in Africa, has assembled a team that reached the Eastern Conference finals last season and has cornerstone guards Kyle Lowry and DeMar DeRozan -- as well as coach Dwane Casey -- all signed to long-term deals. DeRozan (five years, $145 million) and Casey (four years, $18 million) landed their new contracts earlier this offseason.

Ujiri won NBA Executive of the Year honors in 2012-13 with Denver in his final season with the Nuggets, then joined the Raptors and has been steadily building them into a contender.