The Raptors agreed to a fairly hefty contract extension with Jonas Valanciunas this week, and the team is reportedly in talks with another of its young players about a deal that could similarly lock him up for the foreseeable future.

Terrence Ross doesn't have nearly the value to the Toronto franchise that Valanciunas does at this stage of their respective careers, but since he'll be a restricted free agent at the conclusion of the upcoming season, it makes sense to at least negotiate the terms of a new deal before other teams have the opportunity to artificially inflate his value.

The Raptors have done just that, reports Ryan Wolstat of the Toronto Sun. Although no details have been disclosed at this time, the terms of any offer would be substantially less than what the team was able to ink Valanciunas for over the next four years.

Ross regressed a bit last season, and saw his averages in points, rebounds and field goal percentage all dip, while playing a similar amount of minutes. Toronto also signed DeMarre Carroll in free agency this offseason, which could further diminish Ross' role in the Raptors rotation.

But with the salary cap set to spike in advance of the 2016-17 season, Ross can effectively use this as a contract year if he doesn't like the current offer he's receiving. And, the Raptors can keep him in restricted free agency by simply matching any offer he may receive, so there's really no urgency for either side to push for a deal to get done this summer.

(h/t: PBT)

More from FoxSports