Toronto Raptors star shooting guard DeMar DeRozan has reportedly opted out of his contract, officially making him an unrestricted free agent.

League sources told Cleveland.com's Chris Haynes Monday that the 26-year-old DeRozan chose to decline a $9.5 million US player option for the 2016-17 season.

It was widely expected that the two-time all-star would opt out prior to his June 15 deadline to pursue a more lucrative deal.

DeRozan said at the end of the season that he is still committed to Toronto, the franchise that drafted him ninth overall in 2009.

"My mindset has always been Toronto," DeRozan said.

"I was passionate about it when we was losing. When we was terrible, I said I'm going to stick through this whole thing and I want to be that guy who brings this organization to where it is now. I definitely don't want to switch up after we win."

DeRozan led the Raptors in scoring this season en route to the franchise's first-ever Eastern Conference Final appearance and could cash in nearly double his option on the open market.

The Compton, Calif. native averaged a career-best 23.5 points in 78 regular season appearances this year but his production dropped to an average of 20.9 points in his 20 playoff games this spring.

DeRozan also denied the rumours that have swirled about possibly returning home to join the Los Angeles Lakers.

"I grew up in L.A. That's my home...I let whoever comes up with that say what they want to say," DeRozan said. "Only thing appealing to me is the things I've done in this organization and the things that can be done here. And that's always been my mindset since I've been here."