Free agent sharpshooter Jason Kapono has quickly reached an agreement Sunday to leave the Miami Heat and sign a four-year deal believed to be worth $24 million with the Toronto Raptors.

The NBA's free agent period commenced at 12:01 Sunday morning, with free agents unable to formally sign contracts before July 11.

"Jason is excited about this opportunity and intends to sign with the Raptors when the moratorium period ends," said Kapono's agent, Bob Myers.