Kyle Lowry and the Toronto Raptors have agreed to a one-year, $31 million contract extension ahead of the 2020 season, ESPN's Adrian Wojnarowski reported on Monday.
According to Wojnarowski, Lowry's extension guarantees the five-time All-Star $64 million over the next two years, including the $33.3 million left on his expiring contract this season.
The new deal will keep Lowry, 34, from entering free agency in July.
"We are so appreciative of how [Ujiri] Masai and Bobby [Webster] handled every aspect of this negotiation," agent Mark Bartelstein told ESPN. "Once again, they displayed how they look after their players in a first-class manner, especially someone like Kyle who they recognize has such a legacy with the franchise."
Lowry, who joined the Raptors via trade in 2012, is the Raptors' all-time leader in steals and 3-pointers made, ranking second in assists and placing in the top five in several categories including points scored, games played and free throws made.
Lowry finished the 2018 season averaging 14.2 points and 8.7 assists per game. He added averages of 16.2 points, four rebounds and 7.2 assists per game during the Raptors' championship win over the Warriors.
Toronto tips off the regular season against the Pelicans on Oct. 22.