Toronto Raptors All Star point guard Kyle Lowry won't be hitting the free agent market after the 2019-20 season after all.

The Raptors announced on Monday that they've reached a one-year, $31 million contract extension with Lowry, which guarantees him two years and $64 million, including the $33.3 million left on his expiring contract this season, according to ESPN.

Lowry, 33, averaged 14.2 points with 8.7 assists and 4.2 rebounds per game last season as he helped the Raptors to their first-ever NBA championship alongside Kawhi Leonard. 

Per ESPN's Adrian Wojnarowski:

"We are so appreciative of how Masai and Bobby handled every aspect of this negotiation," Lowry's 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."

 

The Raptors will kickoff the 2019-20 season at home on October 22, as they raise their championship banner prior to the NBA season-opener against Zion Williamson and the New Orleans Pelicans. That game, airing on TNT, is scheduled to tipoff at 8pm ET.

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