The 7-foot Valanciunas confirmed the news in a tweet with a picture of himself and Raptors GM Masai Ujiri completing the deal.
The official terms of the deal have not yet been disclosed, but Yahoo Sports' Adrian Wojnarowski reports Valanciunas' contract is worth $64 million, with the potential to escalate to $70 million with bonuses.
“Jonas’ contributions continue to improve with each season and we view him as a significant part of what we are building in Toronto,” said Raptors President and General Manager Masai Ujiri in a statement.
The 23-year-old Valanciunas, a native of Lithuania, averaged a career-high 12 points and team-highs of 8.7 rebounds and 1.2 blocks last season. The Raptors selected him with the fifth pick in the 2011 draft.
- Jeremy Woo