Fred VanVleet could be seeing his time with the Raptors coming to an end.

Today, ESPN's Adrian Wojnarowski announced that VanVleet will be declining his $22.8 million player option for next season, as he's set to hit unrestricted free agency this summer.

VanVleet originally signed the contract back in 2020, a four-year deal worth $80 million that was the largest contract ever signed by an undrafted player in league history.

ESPN Sources: In the first major domino of free agency, Toronto Raptors All-Star guard Fred VanVleet has declined his $22.8 million player option and will become an unrestricted free agent in July. pic.twitter.com/bVrve81XgZ

— Adrian Wojnarowski (@wojespn) June 12, 2023

An undrafted free agent out of Wichita State in 2016, VanVleet has spent his entire career with the Raptors. He was named an All-Star in 2022 for the first time in his NBA career, and was a pivotal piece off the bench during Toronto's championship run back in 2019.

Though VanVleet has opted out of his contract, there's still a possibility he re-ups a new deal with the Raptors, should other opportunities not arise in free agency.

"This franchise gave me a chance, you know what I mean? I'm in the NBA because they believed in me, that's something that I don't take for granted, don't take lightly," VanVleet said of his time in Toronto at his end-of-season press conference.

VanVleet averaged 19.3 points, 7.2 assists and 4.1 rebounds in 69 games this season, shooting 39.3% from the field and 34.2% from three-point range.

After finishing 41-41 in 2022-23, the Raptors are currently at an inflection point for the future of their franchise. The franchise missed the playoffs for the second time in three seasons and is set to be announcing Darko Rajakovic as the team's new head coach tomorrow.

"Masai (Ujiri) is really, really frustrated," according to another NBA general manager, per Heavy.com's Sean Bulpett last month. "He's frustrated with VanVleet also because he hasn't shown him any indication that he wants to stay. So I think he's really down about that situation. Maybe it's because everything's still so fresh, but there's a lot they have to get done there. It didn't surprise anyone that [head coach Nick Nurse] moved on."