Ujiri made the announcement to reporters during his season-ending media availability.
“I love it here. My family loves it here. My wife loves it here, which is very important. My kids are Canadians. You want to win more. … In my mind, I’m here,” Ujiri said Tuesday.
Earlier this month, league sources told ESPN the Washington Wizards were preparing to offer Ujiri a deal approaching $10 million annually with an opportunity for ownership equity.
Ujiri, 48, who has two years left on his contract, is the architect of the first championship in Raptors history. He also helped to build the Denver Nuggets into a contender.
Ujiri will now focus on retaining NBA Finals MVP Kawhi Leonard, who will become a free agent next week.
Ujiri said he texted with Leonard as recently as Monday night and talked to Leonard’s uncle and adviser, Dennis Robertson, earlier on Tuesday.
“We’ll wait. He’s our player and he’s a superstar on our team and we’ll wait on that,” Ujiri said.
Ujiri finished fourth in voting for the NBA Executive of the Year award, won by Milwaukee Bucks general manager Jon Horst.