Collison, 34, is averaging 3.8 points and 3.4 rebounds in 16 minutes per game this season for the Thunder. He has spent his entire career with the franchise since being the No. 12 pick in the 2004 draft out of Kansas by the Seattle SuperSonics.
He previously signed a four-year, $11 million contract extension in 2011, which was signed after he renegotiated his salary to more than $13 million that season using the team's cap space. His salary has descended in each year of the deal, dropping down to $2.2 million this season.
In his 11-year career, Collison has career averages of 6.4 points and 5.5 rebounds on 53.7 percent shooting.
The Thunder are 24-24 on the season and currently the No. 10 seed in the Western Conference, three games behind the Phoenix Suns for the final playoff spot. They play at the New Orleans Pelicans on Wednesday.
- Paul Palladino