The Toronto Maple Leafs have opened contract negotiations with several players, and one of them reportedly said no to a rather lucrative deal.

"There were negotiations recently with Cody Franson," Sportsnet's Elliotte Friedman reported on Hockey Night in Canada's "Headlines" segment Saturday night.

"There was a multi-year deal on the table at about a $4.6 million (average annual value). That could not get it done."

Friedman said nothing is final in negotiations at this point, but it's certainly worth noting in the short-term.

"I'm always hesitant to use the phrase 'he turned down the offer' (or) 'rejected the offer' because I believe it's a negotiation. It always goes back and forth, but at least in the short-term, that's not going to get it done."

Franson had 29 points in 38 games entering Saturday's action. He signed a one-year contract worth $3.3 million last July.