Free agent guard Kyle Lowry has reached agreement on a four-year, $48 million contract extension with the Toronto Raptors, league sources told Yahoo Sports.

The deal has an early termination option allowing Lowry the opportunity to become a free agent after the third season.

Securing Lowry, a cornerstone of the Raptors revival, had been general manager Masai Ujiri's No. 1 priority in the offseason, and stands as a coup for a franchise that had struggled in years past to get frontline NBA players to commit long-term.