The Golden State Warriors haven't put a formal contract offer on the table to guard Klay Thompson, according to The Athletic's Anthony Slater.

"There's been no productive discussion between the Warriors and Thompson or his representatives," Slater reported Saturday, adding that "talks are essentially frozen."

This comes after ESPN's Tim MacMahon reported on The Hoop Collective there was believed to be a two-year offer in play.

Monte Poole of NBC Sports Bay Area reported the five-time All-Star is aiming for a contract of at least three years.

Per Slater, the Warriors haven't closed the door on Thompson's return. Instead, it sounds as though they're not letting sentiment drive their decision-making: "Part of the Warriors' calculus, it seems, is that Thompson could discover a lukewarm free-agent market and eventually return at a bargain rate."

Slater reported the Orlando Magic, one theoretical suitor given their sizable salary cap space and desire to improve on a first-round playoff exit, have had "no traction" with Thompson.

This is the dilemma Golden State has long faced. The front office could either keep running it back with the Big Three of Thompson, Stephen Curry or Draymond Green, or it could attempt to put the strongest roster around Curry as possible. Those might be mutually exclusive strategies.

In the case of Thompson, you have a 34-year-old who hasn't been the same player since he lost two full seasons due to ACL and Achilles injuries. According to NBA.com, the Warriors had a minus-0.3 net rating when he was on the floor and a plus-5.6 net rating when he was situated on the bench.

Simply put, the 6'6" sharpshooter is no longer an integral piece for Golden State's rotation, to the point he was even shifted to the bench at times in 2023-24.

Thompson, for his part, may carry a chip on his shoulder that pushes him to leave the Bay Area. Even if the Warriors offer him a competitive salary relative to his market, he could prefer to make them regret having initially balked.

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Should the Warriors keep Klay Thompson? 🤔 <a href="">@ZachLowe_NBA</a> on Klay's options this offseason and the future of the Warriors big three 👀 <a href="">

Thompson's situation is a reminder of how athletes typically don't get to write an exit on their own terms. For as much as he has done for Golden State in 11 years on the court, the organization will ultimately make the best business decision it can this offseason.