It appears Bryan Colangelo’s time in Toronto is running out.

Sources confirmed a deadline has been set for Monday for Maple Leaf Sports and Entertainment to determine whether Colangelo will get his third-year option picked up.

That seems a highly unlikely outcome.

New MLSE president/chief executive officer Tim Leiweke has said since taking over three weeks ago that fixing what ails the Raptors would be a priority of his.

He has not yet given Colangelo a vote of confidence and a long-term extension certainly isn’t coming with Leiweke giving off the perception that Colangelo — even for just one more year — is a fallback option if he cannot hire his preferred choice.

It’s difficult to imagine Colangelo, a two-time executive of the year closing in on 20 years of experience, will stick around even if given the choice by Monday.

He’s big on optics, and these ones don’t look good.

Leiweke declined to comment on the situation.

Reports Friday said that MLSE has hired a head-hunting firm to help come up with a new basketball boss and Oklahoma City Thunder vice-president/assistant GM Troy Weaver and Indiana Pacers GM Kevin Pritchard were in the running.

It’s unclear why Leiweke, given his many decades of NBA experience and numerous contacts, would sign off on a committee.

As well, given MLSE’s history in that regard, going that route is a risky proposition, even with former top dog Richard Peddie now retired.

Rob Babcock, who set the franchise back years, was chosen by a search committee. TFC disaster Aron Winter was as well. For the Maple Leafs, Brian Burke was found the same way and an internal group came up with John Ferguson Jr.