DeMar DeRozan, Raptors reportedly finalizing $40 million extension

The Toronto Raptors and DeMar DeRozan are finalizing a four-year, $40 million contract extension, according to Yahoo! Sports. It was reported earlier that DeRozan was unlikely to get an extension, but now it appears he has reached terms with Toronto.

Marc Spears added that the deal is incentive-based, and could be worth nearly $42 million.

DeRozan averaged 16.7 points, 3.3 rebounds and 2.0 assists in 35 minutes per game last season, a slight dip from his averages in his 2010-11 campaign. For his career, DeRozan has averages of 14.1 points and 3.4 rebounds per game over three seasons with the Raptors.

Toronto selected DeRozan with the ninth pick of the 2009 NBA Draft after one year with the USC Trojans. The 6-foot-7 guard is only 23 years old.

The Raptors finished last season 23-43, fourth place in the Atlantic Division. DeRozan was the second leading scorer on the team behind Andrea Bargnani.

The Raptors tipped off their 2012-13 season against the Indiana Pacers on Oct. 31.

This story originally appeared on SBNation.com.