Pascal Siakam and the Toronto Raptors have "engaged in preliminary talks" about an extension, but a deal does not appear to be "imminent," according to Josh Lewenberg of TSN.

Lewenberg noted that Siakam's camp is expected to be seeking a max contract worth approximately $130 million over four years.

A first-round pick in the 2016 NBA draft, Siakam is scheduled to enter the final year of his rookie contract in 2019-20. Toronto can, however, extend a $3.5 million qualifying offer next offseason, making the forward a restricted free agent.

Siakam is coming off a breakout performance in 2018-19, one that saw him average a career-high 16.9 points and 6.9 rebounds per game during the regular season. That strong season earned him the 2018-19 Most Improved Player award.

He then took his game to another level in the postseason while helping the Raptors win their first-ever championship. He recorded 19.0 points and 7.1 rebounds per game during the postseason run, posting 19.8 PPG and 7.5 RPG while dethroning the two-time reigning champion Golden State Warriors in the NBA Finals.

With Finals MVP Kawhi Leonard moving on to the Los Angeles Clippers as a free agent, the 25-year-old Siakam now will have the opportunity to be the focal point in Toronto. 

If Siakam is looking for the max, there is no pressure on the Raptors to get a deal done at this point. They may be looking to wait and make him prove that last season was not a fluke, a tactic that would involve very little risk for the team. After all, it would have the right to match any offer sheet he receives next offseason if the qualifying offer is extended.

One Eastern Conference executive told HoopsHype's Frank Urbina recently, though, that Toronto needs to be careful in its handling of the situation:

"If Siakam doesn't get extended, he would enter the market next summer where a few teams will have cap space and there isn’t much of a free-agent class. ...If they don't pay Siakam, someone else will—especially in that 2020 market. Restricted free agency is a blessing and a curse because you won’t lose your guy, but it can create bad feelings."

Should Siakam continue to play at a high level, the Raptors would almost assuredly pay up rather than let him walk.