The Raptors had until next Thursday to exercise their options on both players.
The 7-foot Valanciunas, from Lithuania, joined the Raptors after being selected fifth overall in the 2011 draft and spending the 2011-12 season playing overseas. He averaged 8.9 points last season.
The 6-foot-7 Ross was selected eighth overall in 2012. He averaged 6.4 points last season and won the dunk competition at the All-Star Game.