Valanciunas, a seven-foot centre from Lithuania, has averaged 10.3 points and 7.6 rebounds in 138 starts in his two seasons since the Raptors selected him fifth overall in the 2011 draft.
Last season, Valanciunas paced the club in rebounds (714), offensive rebounds (226) and double-doubles (26).
The six-foot-seven Ross, taken eighth by the Raptors in 2012, has averaged 8.7 points and 2.6 rebounds in 154 games. He started 62 of the team's final 63 games last season, and erupted for 51 points on January 25 versus the Los Angeles Clippers to tie Vince Carter's franchise record.
Ross captured the slam dunk title during the 2013 NBA all-star weekend.
As per the league's Collective Bargaining Agreement, the Raptors had until Oct. 31 to exercise the options.