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.