Earlier in the week, reports surfaced that the Toronto Raptors and Lithuanian big man Jonas Valanciunas were in advanced discussions for a contract extension. On Thursday, the Raptors and the 23-year-old have reportedly agreed to a four-year contract extension worth $64 million, as first reported by Yahoo Sports.

"Jonas' contributions continue to improve with each season and we view him as a significant part of what we are building in Toronto," Raptors president and general manager Masai Ujiri said in a team statement.

Last season, Valanciunas averaged 12 points and 8.7 rebounds while shooting 57.2 percent from the floor in 80 regular season games for the Raptors.

An Associated Press report notes that Valanciunas $16 million average annual salary falls right in the vicinity of other big men recently signed to new contracts. Omer Asik got a five-year $60 million deal from New Orleans, Robin Lopez got a four-year, $54 million deal, while the Oklahoma City Thunder inked Enes Kanter to a $70 million maximum contract this offseason.

The other moves the Raptors have made this offseason include the free agent acquisition of Demarre Carroll, Corey Joseph, Bismack Biyombo and Luis Scola. Toronto has won the Atlantic Division title the past two years, but has failed to make it past the first in both seasons.

Meanwhile, J.R. Smith, who opted out of his $6.8 million player option with the Cleveland Cavaliers in hopes of getting a bigger offer, finally agreed to a deal with the Cavs for less than what he was scheduled to make.

As reported by Chris Haynes of the Northeast Oho Media Group, Smith will be earning $5 million for the coming season, with a player option for the second year. The deal also has a no-trade clause attached to it.

"Happy to say that I am returning to the Cavs! It's been a long ride this summer but I can say for sure, well worth the wait," Smith wrote on Instagram. "I wanted to rejoin an incredible organization in pursuit of the ultimate goal, an NBA championship. Thank you to the Cavaliers for making this happen. Can't wait to get started!"