The Raptors announced Tuesday they have exercised the third year team options on the contracts of forwards Charlie Villanueva and Joey Graham.

The pair is now guaranteed through the 2007-08 season. The team retains fourth year options for the 2008-09 season.

In accordance with the league?s collective bargaining agreement, the Raptors had until October 31 to exercise their options on Villanueva and Graham.