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Lowry re-signs with Raptors

Toronto, ON (SportsNetwork.com) - Kyle Lowry is officially staying in Toronto.

Shortly after the moratorium for free agency ended at midnight Wednesday, the Raptors announced they will hold a press conference confirming the Lowry signing on Thursday morning.

Earlier reports had Lowry and the Raptors agreeing to a four-year contract worth $48 million.

Lowry, 28, averaged 17.9 points and 7.4 assists in his second season with the Raptors, helping them reach the playoffs for the first time in six years.

The new deal includes an early termination option allowing Lowry to become a free agent after the third season, Yahoo Sports reported earlier.

He was acquired in July 2012 in a trade with the Houston Rockets, who were one of the teams focusing on Lowry as a potential offseason addition, according to reports.

Lowry has averaged 11.7 points and 5.4 assists in 506 NBA games for Memphis, Houston and Toronto.

07/10 00:25:47 ET

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