We consider the asymptotics of the partition function of the extended Gross–Witten–Wadia unitary matrix model by introducing an extra logarithmic term in the potential. The partition function can be written as a Toeplitz determinant with entries expressed in terms of the modified Bessel functions of the first kind and furnishes a ‐function sequence of the Painlevé equation. We derive the asymptotic expansions of the Toeplitz determinant up to and including the constant terms as the size of the determinant tends to infinity. The constant terms therein are expressed in terms of the Riemann zeta‐function and the Barnes ‐function. A third‐order phase transition in the leading terms of the asymptotic expansions is also observed.