(SportsNetwork.com) - Kyle Lowry is staying with the Toronto Raptors.
Lowry and the Raptors have agreed to a four-year contract extension worth $48 million, Yahoo Sports reported Wednesday night.
The free-agent guard told the website "Toronto is just the right place for me" and retweeted the report about his new deal.
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.
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.