If the Jazz fail to agree terms with Hayward before the end of the season, then he will become a restricted free agent next summer.
The forward is currently in discussions with the franchise over an extension that will keep him in Utah for the next four seasons, according to Indystar.com.
"It's crazy that this is already going to be my fourth year and we're already talking about that," Hayward recently told reporters.
"But I'm definitely happy in Utah and love playing there and would love to continue my career there."
Hayward was the ninth pick in the 2010 NBA Draft.