By rescinding the offer, the Nets can no longer match the Suns' offer. Teletovic averaged 8.5 points and 4.8 rebounds in 40 games last season.
By extending the offer, Teletovic is now considered a restricted free agent and the Nets can match any outside offer for Teletovic.
The Bosnian import can be a free agent, but has expressed an interest in staying with Brooklyn.
Teletovic lost three months of the regular season to blood clots before returning to earn a bit of playing time in the playoff loss to Atlanta. He averaged 8.5 points and 4.8 rebounds in 22 minutes per game this season.
"I tried to go out there and not [make] too many mistakes," Teletovic said. "I guess I made some. I realize that when you come back after three months everything is new to you."
Teletovic was sidelined for three months after being diagnosed with blood clots. Coach Lionel Hollins said he wasn't on the court enough Wednesday to make an impact either way.
"There was nothing to evaluate," Hollins said. "If he’d made two shots, I would say he made two shots that really helped us. But he wasn’t out there long enough to do anything else."
Teletovic averaged 8.5 points and 4.8 rebounds during the regular season. He'll likely be in line for limited action in Game 3 against the Hawks Saturday.
Teletovic hasn't played since January due to blood clots in his lungs, and he expects his stamina to need some adjustment once he enters Wednesday's game.
"I'm 100 percent sure it's going to be tough," Teletovic said, per Newsday. "The first three, four minutes is going to be a hell of a ride."
Teletovic played 40 games during the regular season, averaging 8.5 points and 4.8 rebounds.
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