The Toronto Raptors have agreed on a contract extension with forward DeMar DeRozan ahead of Wednesday's midnight deadline.
According to sources, the 23-year-old from Compton, Calif., agreed to terms on a four-year deal worth $38 million.
DeRozan played in 63 games last season averaging 16.7 points, two assists and 3.3 rebounds per game. He is a career 45.7 per cent shooter and 80.2 per cent from the free throw line.
Toronto drafted DeRozan in the first round (ninth overall) in 2009 and has since become a key figure in the franchise's rebuilding project. First-round picks from that draft were facing a midnight deadline Wednesday to secure contract extensions.
The contract is expected to be finalized after the Raptors' regular-season opener at home against the Indiana Pacers.