Drummond would still have to opt in to the final year of his current contract in order to sign an extension. The center said in June he was likely to do so.
The 27-year-old could choose to pick up his $28.7-million option given the question marks surrounding the 2020-21 NBA salary cap and his limited game as a big man. The Cavs could then utilize Drummond's expiring contract as a trade asset.
Drummond averaged 16 points and 15 rebounds per game over the last five seasons but doesn't have a serviceable perimeter game and has shot just 46% from the foul line over his NBA career. The Cavs acquired him from the Detroit Pistons in a surprise move at last season's trade deadline.