The 27-year-old can become a free agent in 2021.
Dinwiddie is currently one of the best values in the NBA after signing a three-year, $34 million extension in 2018. The guard averaged 20.6 points and 6.8 assists in 2019-20 for Brooklyn, carrying the team for much of the year with Kyrie Irving in and out of the lineup because of a shoulder injury.
After some mediocre seasons with the Detroit Pistons to begin his career, Dinwiddie averaged 7.3 points per game in his first season with the Nets in 2016-17. He then raised his scoring average in each of the next three years and has become a reliable offensive weapon.
Even with his success, he made just $10.6 million this past year and will make $11.4 million in 2020-21. The upcoming salary ranks 25th among NBA point guards, per Spotrac, behind backups like Cory Joseph and Patty Mills even before free agency opens up.
He also has a $12.3 million player option for 2021-22.
Dinwiddie could now negotiate a new deal if he decides to represent himself, a move that worked out for NFL players like Richard Sherman and Bobby Wagner in recent years.