Citing unnamed league sources, Wojnarowski noted that talks have progressed in the past few weeks, but that no possible terms were mentioned. In addition, neither side is expecting to come to an agreement in the immediate future.
Varejao will make $9.7 million this season, the final year of a six-year, $47.9 million contract he signed on July 10, 2009.
There has never been any indication that Varejao, who has been with the Cavaliers since entering the NBA in 2004, was looking to leave to go elsewhere. His close friendship with LeBron James was seemingly the strongest indication of that feeling, but his continued popularity with the team’s fans was also seen as a factor.
Varejao, who turned 32 last month, was originally selected as the first pick in the second round of the 2004 NBA Draft by the Orlando Magic. One month later, he was traded to the Cavs, along with Drew Gooden and Steven Hunter, in exchange for Tony Battie and second round choices in both 2005 and 2007.
In his previous 10 campaigns with the franchise, Varejao has been known for his aggressive approach to the game, averaging both 7.8 rebounds and points per game. However, that physical nature has hurt him in recent seasons, causing him to miss more than half the season in three consecutive years from 2010-11 to 2012-13.
Although much of Varejao’s success has been as a key reserve, new Cavaliers head coach David Blatt has already announced he will be in the starting lineup on Thursday night for the team’s season opener against the New York Knicks. The game is scheduled to be broadcast on TNT, with tipoff scheduled shortly after 8 p.m.