Toronto Raptors guard Fred VanVleet has decided to opt out of his $22.8 million player option for the 2023-24 NBA season and become an unrestricted free agent this summer, first reported by ESPN's Adrian Wojnarowski.

VanVleet, 29, has spent his entire seven-year playing career with the Raptors and was a key part of their 2019 championship team. While returning to the Raptors on a new deal is still an option, every team in the league will now be able to negotiate with VanVleet as he becomes an unrestricted free agent.

Emerging as an All-Star talent in Toronto's backcourt through the years, VanVleet is now one of the biggest names available in free agency this offseason.

The Los Angeles Lakers have been mentioned as a possible destination for the Raptors guard in recent weeks via a possible sign-and-trade, as have the Philadelphia 76ers. League sources informed ClutchPoints recently that the Sixers view VanVleet as a possible replacement for All-Star guard James Harden should the former MVP leave in free agency.

The Orlando Magic, Phoenix Suns and Houston Rockets are other teams who could also pursue the free agent point guard this summer. Both Orlando and Houston can open up max-level salary space to sign VanVleet, as the Suns are currently mulling options regarding Chris Paul's future and his current contract situation.

VanVleet was a target of many championship contending teams at this past season's trade deadline, as Wojnarowski states, and these same teams could look to pursue him once more in free agency.

Over his last four seasons, VanVleet has averaged 19.3 points, 6.7 assists and 1.8 steals per game while shooting 36.7 percent from three-point range. Tied for second in the league this past season in steals, he has always made his presence felt defensively despite being viewed as being undersized for his position.

A wide market is expected for VanVleet in free agency this summer and his decision to stay with or depart the Raptors will leave a huge impact on the league as a whole.