The 12-time All-Star averaged 29.9 points, 7.4 rebounds and 6.4 assists per game in 55 starts last season. Durant joined the Nets in a 2019 trade from the Golden State Warriors.
Durant is set to make $44 million in 2022. His annual salary will escalate to $53 million by 2025.
The two-time NBA Finals MVP and four-time NBA scoring champion helped the Nets go 44-38 and make the playoffs last season despite playing the majority of the campaign without All-Star teammate Kyrie Irving.
Earlier this week, Irving announced his decision to opt in to the final year of his contract with the Nets.
The NBA free agency period will start at 6 p.m. EDT Thursday. Trades can't become official until Wednesday.