The fourth-year guard has expressed interest in remaining with the club. However, Russell is a restricted free agent and retaining his $21-million cap hold in combination with inking Irving would complicate the Nets' reported pursuit of Kevin Durant.
Russell is coming off a breakthrough season after averaging career highs in points (21.1) and assists (7.0) en route to his first All-Star appearance. The 23-year-old is among three finalists for the NBA's Most Improved Player award.
Irving has reportedly declined his $21.3-million player option for the 2019-20 season to become an unrestricted free agent, and recently fueled speculation he prefers the Nets with his expected partnership with Roc Nation Sports.