Toronto Raptors guard Fred VanVleet plans to take his time making a decision on his contract option.

One day after the Raptors were eliminated from the play-in tournament in a home loss to the Chicago Bulls, VanVleet said Thursday he's not rushing the call on whether to stay in Toronto or jump into free agency.

"I know we're very dramatic around here," he said. "It's a tough way to go out. Not too much rush to jump into a decision about opting out. It will take some time."

The Raptors missed 18 of 36 free throws and blew a 19-point lead in the defeat, which could bring a major overhaul to the roster.

VanVleet has one year remaining on the four-year, $85 million deal he signed in 2020 to stay with Toronto. Declining the option year would put VanVleet into the free agent market in July.

VanVleet, 29, indicated he was open to staying with the Raptors either on the existing contract option or under a new deal, saying his "whole NBA life is here." His current deal calls for a salary of $22.8 million next season.

Though VanVleet denies the team made a formal offer, he reportedly declined a four-year, $114 million extension before the 2022-23 season, sparking speculation he planned to shop his services this summer.

VanVleet, 29, averaged 19.3 points, 7.2 assists and 4.1 rebounds this season. He has played his entire seven-year career with the Raptors, averaging over 19 points and three 3-pointers per game each of the past three seasons.

Information from Reuters was used in this report.