If the two sides can't agree on an extension by Friday, Thompson will become a restricted free agent next summer, in which case the Cavaliers would have the right to match any offer from another team.
It was reported Monday that contract talks between Thompson and Cleveland had stalled. It's believed Thompson desires approximately $12 million per year in a new deal, which was the amount received by forwards Kenneth Faried and Derrick Favors in extensions with the Denver Nuggets and Utah Jazz, respectively.
The No. 4 pick in the 2011 NBA draft, Thompson averaged 11.7 points and 9.2 rebounds for Cleveland last season and averaged nearly identical figures in 2012-13, playing in all 82 games each year in a starting role.
The Cavaliers open the regular season Thursday against the New York Knicks in Cleveland.
- Ben Estes