Dunkin’ Brands Group Inc., the corporate parent of Dunkin’ Donuts and Baskin-Robbins, is exploring options for relocating its headquarters, but will probably stay in Canton if the town extends a tax break, a Canton official said.

“Dunkin Brands is doing due diligence and would like to remain in the community, but as part of their management of their organization, they are looking outside of Canton as well,” Gene Manning, head of Canton’s Economic Development Committee, told selectmen Tuesday.

He said the company has been courted by the University Station complex in Westwood.

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The company’s headquarters building at 130 Royall St. is owned by Boston-based H.N. Gorin, which is asking the town to extend the current 10-year tax increment financing deal for five years.

Tax increment financing reduces H.N. Gorin’s annual property tax payments by 20 percent, Manning said, and a five-year extension would likely be the final negotiating point to get Dunkin’ Brands to agree to a 15-year lease agreement.

Canton’s Board of Assessors has recommended a five-year extension, and selectmen voted to support the recommendation, with the condition that it leads to a 15-year lease.

Town Meeting approval is needed for the extension to take effect. Dunkin’ Brands spokeswoman Karen Raskopf said the company is evaluating many factors to determine ‘whether we will renew our lease or consider other nearby options.”