05/20/2013 12:39 EDT | Updated 07/20/2013 05:12 EDT

Reports: Colangelo out as Raptors GM, offered corporate role with team

TORONTO - It appears Bryan Colangelo is out as president and general manager of the Toronto Raptors, but he could be staying with the team in another capacity.

According to multiple media reports, the Raptors are negotiating with Colangelo to take on a corporate, non-basketball role with the team.

The reports did not specify what Colangelo's new duties with the team would be.

Colangelo joined the Raptors in 2006 and was named the NBA's executive of the year in 2007 when Toronto won its only Atlantic Division title. But Toronto has missed the post-season for five straight seasons and it appears the team is ready to move in a new direction.

The Raptors are reportedly targeting Denver GM Masai Ujiri to take over the reins in Toronto.

Ujiri recently won the NBA's executive of the year award and served under Colangelo as Toronto's assistant GM from 2008-10.