The 26-year-old forward got into two games during his first 10-day deal, scoring four points in 12 total minutes. He joined the team on April 8 as Portland faced a league deadline to fill one of its two roster openings.
A first-round draft pick in 2015, Hollis-Jefferson spent his first four seasons with the Nets before signing with the Raptors as a free agent last year. He was with the Timberwolves in training camp, but failed to win a roster spot.
Players can only sign two 10-day contracts with a team during the season, so the Blazers will have to either part with Hollis-Jefferson or sign him for the rest of the season when this deal expires April 27. He will earn $128,963 over the next 10 days.