Kyle Lowry, who helped Toronto reach the NBA post-season for the first time in six years, and the Raptors have agreed to a four-year contract extension.
The 28-year-old free-agent guard told Yahoo Sports "Toronto is just the right place for me" and retweeted the report about the deal.
The contract is reportedly worth $US48 million ($A52 million).
Lowry averaged 17.9 points and 7.4 assists in his second season with Toronto.
He was acquired in a July 2012 trade with the Houston Rockets, who were one of the clubs looking at adding Lowry to their roster.
Lowry has averaged 11.7 points and 5.4 assists in 506 NBA games for Memphis, Houston and Toronto.
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