Kyle Lowry has agreed upon a four-year, $48 million contract to re-sign with the Toronto Raptors.

With interest coming from the Miami Heat and Houston Rockets, it was believed at one point that the Raptors may include a fifth year for Lowry.

Lowry will also have an early termination option after the third season.

The Raptors considered trading Lowry in the months ahead of the deadline, but they decided to keep him and he became one of the NBA's best all-around point guards.

"Toronto is just the right place for me," said Lowry.