UPDATE: June 2

Adrian Wojnarowski reported that the Raptors and Dwane Casey agreed on a three-year extension worth $18M. With an annual salary of $6 million, the 59-year-old got a raise of more than $2M, as his original contract had a payday of $3.7M.

UPDATE: May 28

After leading the Toronto Raptors to the best season in franchise history, league sources told ESPN’s Marc Stein that Dwane Casey and the organization are likely to begin contract extension talks now that the playoffs are over.

Since Casey took the job as head coach in 2011, the Raptors have shown improvement every season: 23 wins in ’11-’12, then 34, 48, 49, and a franchise-best 56 this year. He’s been at the head of the team for three-straight Atlantic Division championships, already has the most wins in franchise history with 210, and is the only Raptors coach to have a winning percentage over .500 (.533).

In his brief tenure with the team, he’s already cemented himself as the best coach they organization has had. Under Casey, the Raptors advanced to their very first conference final, despite being ousted by the Cleveland Cavaliers four games to two.

“We’re learning. We’re not where they are right now,” he told reporters when talking about the Cavaliers.

Dwane Casey does have one year left on his contract — a team option worth $4 million — but it would be almost egregious if Toronto allowed him to walk from the team. He’s a winner and has been an assistant on some great NBA teams, including the Dallas Mavericks, who won the NBA Championship in 2010-11 over the Miami Heat.