While much of the focus on the Toronto Raptors has been on the youngsters and the new faces, a decision has to be made on one veteran critical to the team.

Rumours have swirled around guard/forward DeMar DeRozan on a four-year contract extension said to be worth in the neighbourhood of $34 million. The two sides had until midnight on Oct. 31 to get the deal done, otherwise the swingman becomes a restricted free agent at the end of the season. While he said some nice things about No. 10, Raptors general manager Bryan Colangelo seems to be willing to wait.

“He is clearly a piece of this team that we see as a piece for the future. He’s made great strides in his first few years, and we’re anticipating he has a much higher ceiling to (reach),” Colangelo said in an interview a month ago. “We’ve also agreed that should we not come to a conclusion with respect to an extension at this time, clearly it’s not the end of the world. We may have to grow together more before that deal is imminent.”

Being a restricted free agent is not an ideal situation for the club, because if DeRozan does improve his game and gets a big offer from another team, it will put the Raps in a bind: do they match the offer, or do they let him go and get nothing in return? If they do allow DeRozan to walk, that would make all those nice words about “piece for the future” and “great strides” seem meaningless, at least from the perspective of the team Colangelo runs.

It appears that the GM may be willing to roll the dice, at least according to ESPN NBA analyst Marc Stein. Meanwhile, National Post NBA reporter Eric Koreen thinks (or, at least, is hoping) differently…

The answer to that question will arrive soon as to whether the Raps will extend DeRozan. In the meantime, the best thing he can do is to perform to the utmost of his abilities. That way, everyone wins: DeRozan will start to fulfil his potential; the Raptors will feel justified in shelling out millions to keep him; or his play will make several teams desire his services.

Has the 23-year-old, 9th overall pick in 2009 turned the corner? Maybe: he averaged 14 points and led all Raptors scorers in three of the six preseason games they played — they ended up with a 5-1 record in those warmup games.

DeRozan told the media on Monday that he would like to stay a Raptor: “At the end of the day, this is where I got drafted. This is definitely where I want to be.”

He even took a microphone and addressed the crowd at the Air Canada Centre on Opening Night. “We’re definitely going to work hard on the court, and in the community,” DeRozan said before their game against the Pacers. For DeRozan, the effort to prove he belongs — and is worth the money — begins in earnest on Halloween 2012.

UPDATE: As this story was being posted, ESPN.com reported that according to several sources, DeRozan and the Raptors have agreed to a four-year, $40-million contract extension which includes incentives.