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Turkoglu opted out of his Orlando contract last week when the team acquired Vince Carter from New Jersey.
Free-agent forward Hedo Turkoglu has spurned contract talks with the Portland Trail Blazers will suit up with Toronto, according to reports.
The 6-foot-10 Turkish forward, who helped the Orlando Magic to the NBA finals, had arrived in Portland on Thursday to meet Blazers executives and tour the city. There were reports Friday that Turkoglu had agreed in principle with the Blazers.
But there is to be no deal, an anonymous source close to the Trail Blazers confirmed to The Associated Press Friday.
Turkoglu's agent, Lon Babby, didn't immediately return calls or e-mails.
Late Friday, ESPN.com reported, again citing anonymous sources, that the 30-year-old had accepted a $53 million offer from the Toronto Raptors. That set off immediate shock waves online, with the term "Hedo" rising to top trend status on Twitter.
Turkoglu opted out of his Orlando contract last week when the team acquired Vince Carter from New Jersey. Turkoglu was due $7.3 million next season in the final year of his $36 million, six-year deal with Orlando. He averaged 16.8 points and 5.3 rebounds last season.
The nine-year NBA veteran played for Sacramento and San Antonio before signing with Orlando as a free agent in 2004.
This season he often ran Orlando's offense and created matchup problems for Boston and Cleveland in the playoffs. Against the eventual champion Los Angeles Lakers in the finals, Turkoglu averaged 18 points.
He was said to be seeking a long-term deal worth at least $10 million annually going into negotiations with Portland.
The Blazers are looking to bolster a team that won 54 games last season and advanced to the playoffs for the first time since 2003.
Anchored by All-Star guard Brandon Roy and LaMarcus Aldridge, the Blazers were the second-youngest team in the NBA.