TORONTO — A deal that would send Kawhi Leonard back to the Toronto Raptors appears increasingly likely, but the Los Angeles Clippers and Raptors remain stuck on one central sticking point: which of Toronto’s young players will be included in the return package.

Leonard, the two-time NBA champion and former Raptors Finals MVP, has reportedly told teams he will only sign a contract extension with Toronto if traded, a stance that has significantly narrowed his market and given the Raptors meaningful leverage in negotiations with Los Angeles. ESPN’s Shams Charania reported that a trade could happen as soon as Monday, while NBA insiders have separately confirmed that the Clippers and Raptors are “seriously engaged” in discussions that have stretched on for more than a week.

The core obstacle, according to Sportsnet’s Michael Grange, centers on the Raptors’ refusal to include two specific players in any potential deal. Grange reported that second-year wing Ja’Kobe Walter would not be part of any package Toronto offers, adding that rookie Collin Murray-Boyles is similarly considered off-limits.

“Plenty of noise around Leonard/Clippers/Raptors potential deal, but my understanding is second-year wing Ja’Kobe Walter would NOT be part of any deal the Raptors might make, per sources,” Grange wrote. “It almost goes without saying prize rookie Colin Murray-Boyles is off limits also.”

Murray-Boyles, the No. 9 overall pick in the 2025 NBA Draft, emerged as one of the league’s most promising rookies last season, averaging 8.5 points, 5.0 rebounds and 1.9 assists while earning a spot on the All-Rookie Second Team and establishing himself as one of the NBA’s better young defenders. He raised his game further during Toronto’s playoff series against the Cleveland Cavaliers, reinforcing the Raptors’ view of him as a potential long-term cornerstone. Given that Los Angeles is parting with its best remaining player, the Clippers naturally view Murray-Boyles as the centerpiece they would want in return, but Toronto has made clear that asset will not be on the table.

Walter, the No. 8 pick in the 2024 NBA Draft, has also shown steady growth across his first two professional seasons. He started five of Toronto’s seven playoff games against Cleveland this past season and averaged 11.1 points during that postseason stretch, building on a regular season in which he finished as the only Raptor attempting at least three 3-pointers per game while shooting 40% from beyond the arc. Walter remains ineligible for a contract extension until next offseason and is expected to come off Toronto’s bench next year, but his demonstrated trajectory has been enough for the Raptors to shield him from trade discussions as well.

With both Murray-Boyles and Walter ruled out, reporting indicates the most frequently discussed trade framework would send forward Brandon Ingram, guard Gradey Dick and draft compensation to Los Angeles in exchange for Leonard. Ingram, an All-Star for Toronto last season who averaged 21.5 points, 5.6 rebounds and 3.7 assists, is under contract for just two more seasons, giving the Clippers a high-production piece with future financial flexibility. Dick, 23, struggled through a down season averaging just 6.0 points but remains viewed as a high-upside shooter who some analysts believe could thrive in a different system in Los Angeles.

Despite Ingram’s inclusion, the Clippers reportedly view that offer as lopsided in Toronto’s favor. Los Angeles remains far more interested in extracting Murray-Boyles specifically, but with the Raptors holding firm, the two sides have yet to find common ground on what would satisfy both franchises. Some reporting has floated an alternative package built around Walter, Ingram and a future first-round pick as potentially the best offer the Clippers could realistically extract from Toronto, though that scenario has not been confirmed as an active proposal and would still leave the final decision in Los Angeles’ hands on whether to accept terms that exclude its preferred target.

Leonard’s situation carries additional complexity beyond the trade framework itself. He is entering the final year of his contract, worth more than $50 million, and the NBA is separately investigating whether Leonard and the Clippers circumvented the salary cap through a sponsorship agreement tied to the now-defunct company Aspiration. Should the league determine wrongdoing occurred, Leonard’s contract could potentially be voided altogether, adding a layer of uncertainty that looms over any trade discussion regardless of which assets ultimately change hands.

Even setting aside that investigation, Leonard’s age and recent injury history have shaped how aggressively the Raptors are willing to negotiate. Now 35 and coming off a season in which he averaged a career-best 27.9 points, 6.4 rebounds, 3.6 assists and 1.9 steals across 65 games while shooting over 50% from the field and 38% from three-point range, Leonard remains an elite offensive talent when healthy. But his extensive injury history over the past several seasons has tempered how much young, controllable talent Toronto is willing to surrender for what could ultimately amount to a single fully healthy season before Leonard’s career winds down.

Leonard previously spent one season with the Raptors in 2019, leading the franchise to its first and only NBA championship before departing that summer to join the Clippers. His tenure in Los Angeles has since been marked by a pattern of disappointing playoff results and recurring injury setbacks, a history that has fueled speculation about a potential homecoming as Toronto looks to elevate itself back into legitimate championship contention.

For now, with the Raptors unwilling to part with either of their most promising young building blocks and the Clippers unconvinced that the offers on the table represent fair value for their franchise player, the two sides remain at an impasse even as both have continued engaging in what league sources describe as serious, ongoing negotiations. Whether Toronto’s leverage, rooted in Leonard’s stated preference to sign an extension only with the Raptors, ultimately forces Los Angeles to accept a deal built around Ingram, Dick and draft compensation rather than Murray-Boyles or Walter will likely determine whether this blockbuster trade comes together in the days ahead or stalls out entirely as free agency proceeds elsewhere around the league.