10:45am: Raptors ownership is preparing to make a major financial offer to Ujiri, tweets Adrian Wojnarowski of Yahoo Sports.

10:04am: Bryan Colangelo will remain with the Raptors' parent organization in a "corporate" non-basketball role as the search continues for a new head of the Raptors organization, sources tell Doug Smith of the Toronto Star (via Twitter).  The MLSE has been negotiating with Colangelo this weekend to stay on in a signficant capacity while also talking with Nuggets GM Masai Ujiri about assuming full control  of the team's basketball operations (Twitter links).

Toronto held an option on Colangelo's contract for the 2013/14 season and today was their deadline to make a determination.  The decision to move Colangelo out of the President/GM role could be a sign that they are on the brink of reaching an agreement with Ujiri. 

The Raptors hired an outside firm to help them identify the best candidate for the GM role and that process led them to identify Ujiri as their top candidate.  While it would appear that Toronto respects Colangelo's experience and business acumen, they are less-than-thrilled with the club's on-court performance in recent years.  

Colangelo was expected to deliver a winner by year seven of his tenure but things haven't improved as expected since the Raptors won the Atlantic Division in 2007.  Since then, the club has undergone a number of face lifts with the most notable coming in the form of Chris Bosh's departure in the summer of 2010.  

Colangelo's decision to take Andrea Bargnani with the No. 1 overall pick in the '06 draft also didn't pan out as hoped.  Hindsight is 20/20, but the Raptors passed up the chance to take future All-Stars LaMarcus Aldridge, Rudy Gay, and Rajon Rondo to take the Italian forward.  In fairness to the Raptors, however, the 2006 draft was littered with relative busts at the top of the board including Adam Morrison (No. 3), Tyrus Thomas (No. 4), and Shelden Williams (No. 5).

The Knicks season ended last night when the Pacers defeated them in Indiana to advance to the Eastern Conference Finals. The Knicks were the oldest team in NBA history for the 2012/13 season, and they have a lot of offseason decisions to reach in lieu of their loss to the Pacers. 

The first such decision concerns the 2013 Sixth Man of the Year, J.R. Smith. Smith recently reiterated his desire to remain in a Knicks uniform next year despite the popular consensus he'll opt out of the contract that will pay him $2.9MM next season. He tweeted about wanting to return (Twitter link) today as SheridonHoops.com's Ben Baroff pointed out. But Smith isn't the only question mark as the Knicks head into the offseason after their best playoff performance in more than a decade.

• Despite a postseason showing that saw them get out of the first round for the first time since the 1999/00 season, Howard Beck at the New York Times writes that with very little cap flexbility, the Knicks' window for continued postseason magic may have run out. 
• Ian Begley at ESPNNewYork.com brings readers through five pressing issues the Knicks face this summer, including what to do with Amar'e Stoudemire, who didn't start a single game this season after Carmelo Anthony agreed to play power forward in Mike Woodson's small-ball lineup. Begley also discusses whether the Knicks will continue to go small next season.
• One of the injuries hampering Knicks franchise star Carmelo Anthony this postseason, was his left shoulder. Frank Isola of New York Daily News says Anthony will have his injured left shoulder examined. 
• Another Eastern Conference team that was eliminated in the conference semifinals, the Bulls, are looking to get healthy this offseason while figuring out what to do in free agency, writes Aggrey Sam at CSNChicago.com. The free agency questions center around their backcourt, since Nate Robinson and Marco Belinelli are free agents this summer and the Bulls are not likely to pick up Richard Hamilton's $5MM option next year, but will have to pay him the $1MM that's guaranteed.
• Aggrey Sam at CSNChicago.com also writes that the Bulls' draft picks, they hold the 20th and 49th overall selections this June, could be a lot better than expected in what is considered a down draft year. A lot of players predicted to be selected in the later rounds of the draft performed well in Chicago's predraft combine this past week.
•  Mike Ganter of the Toronto Sun, says it's time for Raptors general manager Bryan Colangelo to go, and with reports the Raptors are pursuing current Nuggets general manager Masai Ujiri, the end appears close for Colangelo. The Raptors are expected to make a decision about their future general manager some time tomorrow after Doug Smith of the Toronto Star reported the Raptors have until Monday to exercise or decline their option on Colangelo for the 2013/14 season. 

As deadline day for Bryan Colangelo's 2013/14 option approaches, the Raptors are pursuing current Nuggets GM Masai Ujiri to take over their basketball operations, reports Adrian Wojnarowski of Yahoo! Sports. The head-hunting firm hired by Maple Leaf Sports and Entertainment to whittle down the list of potential replacements for Colangelo identified Ujiri as the top choice, sources told Wojnarowski.

Doug Smith of the Toronto Star reported yesterday that the Raptors had until Monday to make a decision one way or the other on Colangelo, and that MLSE had hired a search firm to look into potential candidates -- Wojnarowski identifies the firm as Korn/Ferry International.

Perhaps it's no surprise that the man who was named 2013's NBA Executive of the Year earlier this month would emerge as the top candidate for MLSE. But in addition to being more than qualified for the job, Ujiri is on an expiring deal. Although he has a strong relationship with Nuggets CEO Josh Kroenke, Ujiri is only under contract until June 30th. It had been assumed that he and the Nuggets would work out a new agreement, but perhaps MLSE president/CEO Tim Leiweke could make a pitch and offer that would be enough to present Ujiri with a difficult decision.

Prior to becoming the Nuggets' GM in 2010, Ujiri worked under Colangelo in Toronto for three years, including two as assistant GM, so he does have a history with the Raptors, which could work in Toronto's favor. The 76ers made a run at Ujiri a year ago in hopes of hiring him as their GM, but he turned down the team's interest.

The future of Raptors general manager Bryan Colangelo will finally be decided, one way or the other, by the end of Toronto's long weekend, according to Doug Smith of the Toronto Star. Smith reports that the Raptors have until Monday to officially exercise or decline Colangelo's option for the 2013/14 season.

According to Smith, Maple Leaf Sports and Entertainment and new president/CEO Tim Leiweke have hired a head-hunting firm to whittle down the list of possible replacements for Colangelo. Two names being mentioned as potential candidates at Chicago's draft combine this week are current Pacers GM Kevin Pritchard and Thunder assistant GM Troy Weaver.

Smith notes that neither Pritchard and Weaver qualify as the sort of big-name, high-profile executive Leiweke was expected to target, given the Phil Jackson rumors. However, it's possible, according to Smith, that Leiweke is simply doing due diligence, and will ultimately stick with Colangelo and the current basketball operations staff for another year.

Head coach Dwane Casey's future also figures to be tied to the Colangelo decision. Casey has one year remaining on his contract, and Colangelo has indicated that if he's back, Casey will be too. A new head of basketball operations may decide to bring in his own coach.

Let's round up a few Friday morning items out of the Atlantic Division....

• When Kevin Garnett decided to re-sign with the Celtics last summer, it made the rest of the team's decisions easy, GM Danny Ainge tells Steve Bulpett of the Boston Herald. However, with more factors in play this offseason, Ainge anticipates more difficult decisions and plenty of possible outcomes for the C's.
• Knicks GM Glen Grunwald is hoping to re-sign Chris Copeland this summer, but one source tells Marc Berman of the New York Post that the restricted free agent may seek "Steve Novak money" (four years, $16MM), which would put him out of New York's price range. I think if the Knicks were to offer their mini mid-level exception to Copeland, they could re-sign him, but that would rule out the pursuit of many outside free agents.
• When Kurt Thomas underwent right foot surgery toward the end of this season, it was widely assumed that he may have played his last NBA game. Thomas remains undecided on his future though, suggesting to Frank Isola of the New York Daily News that there's a chance he could return.
• Asked about yesterday's report that the Sixers had received permission to interview Rockets assistant Kelvin Sampson, GM Sam Hinkie replied, "I'm not even there yet. I won't confirm or deny, but I will say I don't know where that came from" (via Bob Cooney of the Philadelphia Daily News).
• Citing word out of Toronto, Sam Amico of FOX Sports Ohio hears that this very well could be Bryan Colangelo's last week as the Raptors' GM (Twitter link). The last real updates on the subject came on Monday, when reports were mixed on whether or not Colangelo would be back.

A report over the weekend suggested that the Raptors were likely to pick up Bryan Colangelo's option for 2013/14, bringing the longtime general manager back for at least one more season. That report indicated that the move could become official as soon as today, but with no formal announcement made yet, rumors continue to swirl about whether or not Colangelo will be retained. Here's the latest on the Raps' front office:

• One source familiar with MLSE president and CEO Tim Leiweke's thinking told Bruce Arthur of the National Post that he's leaning toward replacing Colangelo, but Leiweke denies that a decision has been made yet. The MLSE board has ceded the decision to Leiweke, Arthur notes.
• MLSE's next board meeting is schedule for Wednesday, and it was initially expected that there'd be resolution on Colangelo by then, but Michael Grange of Sportsnet says it's possible Leiweke waits a litte longer to make a decision.
• Leiweke on the timeline, according to Grange: "I’m not going to let the board dictate the timing on this and this is no disrespect to the board. That’s not the right way to do this. I think it’s a matter of whatever time that takes is what it takes, we’re not going to knee jerk. I’m not going to let the board overrule the time and to their credit, they haven’t asked it. They’ve been very patient."
• If the decision drags out much longer, Colangelo may take action preemptively and tender his resignation, according to Grange, who says that the delay may serve as evidence that Colangelo isn't Leiweke's first choice.
• Leiweke seemed to acknowledge the possibility of Colangelo resigning, telling Grange, "It wouldn’t shock me that if at the end of the day, if I’m not going to give him a vote of confidence, he moves on."
• Even if Colangelo doesn't return, the chances of the Raptors hiring Phil Jackson are "remote," says Grange.
• With the pre-draft camp in Chicago scheduled to happen this week, Doug Smith of the Toronto Star writes that it's time for the Raptors to make a decision, since plenty of groundwork for future transactions could be laid in Chicago, with execs from every team in attendance.

The Raptors are expected to pick up their 2013/14 option on GM Bryan Colangelo's contract, reports Frank Zicarelli of the Toronto Sun, who hears the decision will be made official as early as Monday. It seemed likely when this past season ended that the Raptors would keep Colangelo and coach Dwane Casey, but that was before Maple Leaf Sports & Entertainment, the company that owns the team, hired Tim Leiweke as president and CEO. Leiweke has ties to Phil Jackson and seemed intent on trying to convince the Zen Master to take over the team's basketball operations, a move that would presumably bump Colangelo from the picture.

Colangelo has said that if he's back, Casey would be, too. News on the fate of both men's jobs appeared imminent after Colangelo was scheduled to meet with Raptors brass this past Tuesday. Zicarelli argues that the task of turning around the Raptors is immense, and no one could make it happen overnight. With the Chicago pre-draft camp set for this week, Zicarelli opines, it makes sense to keep the man who's been in charge rather than waste time while a new GM become acclimated to the job. The Raptors will probably discuss possible trades involving Andrea Bargnani with executives from other teams at this week's pre-draft camp, according to Zicarelli.

While Casey, whose contract is guaranteed for next season, appears safe, it seems likely there will be changes to his staff. The Raptors have asked the Celtics for permission to speak with assistant coach Tyronn Lue, while the fate of Johnny Davis, a longtime right-hand man for Casey, is uncertain.

Phil Jackson is taking his time when it comes to deciding on his basketball future, and a source close to the situation told Marc Stein of ESPN.com that the possibility of the Kings moving to Seattle could have something to do with it.  The Seattle group appears to have an uphill battle on their hands but Jackson may be waiting for the possibility to be completely ruled out before giving serious thought to where to he wants to be next season. 

After a night without NBA action, the headlines are a little scarce on this Friday morning. But there are still a handful of notable links to round up, particularly out of the Atlantic Division....

• It's not clear what's holding up MLSE's decision on whether or not to pick up Raptors GM Bryan Colangelo's 2013/14 option, says Eric Koreen of the National Post. As ownership weighs the Colangelo decision, it's possible that his potential replacements are being courted by other teams, according to Koreen.
• The Nets may not be able to bring back all of their productive bench players, with Andray Blatche and C.J. Watson potentially heading for free agency. However, as Michael Scotto of RealGM.com writes, Brooklyn's starting lineup is under contract for multiple years, so the team should get a chance to continue developing chemistry and consistency next season.
• Former 76ers coach Larry Brown is coaching college ball at SMU, but tells Bob Cooney of the Philadelphia Daily News that he still lives in Philadelphia and that "I'd love to be a resource [for the Sixers] any way I can." The Sixers are currently seeking a new head coach, and could also be exploring hiring a new general manager.
• The Celtics' ability to contend over the next several seasons will hinge on Kevin Garnett's future, writes Justin Barrasso of WEEI.com.

It's been nearly three weeks since the Raptors played their last game of the 2012/13 season, but the futures of general manager Bryan Colangelo and head coach Dwane Casey are still up in the air. Both men figure to receive some clarity this week, however, as Colangelo is scheduled to meet tomorrow with the team's decision-makers, according to Ryan Wolstat of the Toronto Sun (via Twitter).

Both Wolstat and Doug Smith of the Toronto Star note that the team has been silent over the last couple weeks, particularly in regard to Colangelo's and Casey's futures. However, Wolstat tweets that a decision is expected to come shortly after tomorrow's meeting, while Smith says it should happen at some point this week.

Casey has one more guaranteed year remaining on his contract, and the Raptors have a team option on Colangelo for '13/14. Although the belief at season's end was that both Colangelo and Casey would get one last chance to make the Raps a playoff team next season, MLSE's hiring of Tim Leiweke as president and CEO complicated matters. Leiweke has a strong relationship with Phil Jackson, which has led to reports that Toronto is pursuing Jackson with the intent of offering him control of the Raptors' basketball operations.

Colangelo has been the head of the Raptors' basketball ops since February of 2006, while Casey has coached the team to a 57-91 record over the course of his two seasons in Toronto. Colangelo stated after the season that if his '13/14 option was exercised by the Raps, Casey would return as the team's head coach.