Kyle Lowry has agreed to a one-year, $31 million contract extension with the Toronto Raptors.

Lowry was previously on a $33.3 million expiring contract.

"We are so appreciative of how Masai (Ujiri) 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 will be 34 this July and hadn't been enthusiastic about becoming a free agent at that age.