12:14pm: Raptors officials are meeting with Ujiri in Colorado today, according to Wojnarowski, who says (via Twitter) things are "moving fast" now.
11:22am: The Nuggets have granted the Raptors permission to speak to NBA Executive of the Year Masai Ujiri, and a meeting between Ujiri and the Raptors is expected to take place within the next 24 hours, reports Adrian Wojnarwoski of Yahoo! Sports. Ujiri is reportedly the preferred candidate for Toronto as the team searches for a head of basketball operations.
According to Wojnarowski, the Raptors intend to make Ujiri an offer that would pay him nearly $3MM annually. Ujiri, whose contract expires next month, is prepared to leave Denver for the chance to run the Raptors unless the Nuggets respond with a competitive offer. As Wojnarowski notes, the Nuggets have historically been reluctant to pay big money to general managers, so there's a belief they won't match the commitment the Raptors are prepared to make to Ujiri.
If Ujiri and the Raptors don't reach an agreement, Toronto's next target may be Pacers GM Kevin Pritchard, who was previously cited as a candidate by the Toronto Star's Doug Smith. Ken Berger of CBSSports.com reports that the Raptors have requested permission to speak to Pritchard, though the Pacers prefer to wait until the playoffs to allow a meeting.
According to Berger, Tim Leiweke and the Raptors are intrigued by the possibility of pairing Pritchard with Thunder assistant GM Troy Weaver. However, the Thunder may not allow Weaver to interview for what would be a lateral move, and it still appears Ujiri is the Raptors' first priority anyway.
Former Raptors president and general manager Bryan Colangelo remains in the organization as team president, but won't be as involved in basketball decisions. Whoever the Raptors hire as their new GM will have full control over the club's basketball operations.