"In a sudden rush at the end of a frenzied week, the Toronto Raptors have remade their roster and signed free-agent forward Hedo Turkoglu, The Globe and Mail has confirmed.

The versatile Orlando Magic forward appeared poised to sign with the Portland Trail Blazers until a late bid by the Raptors -- in excess of $50-million over five seasons for the 30 year-old -- caused the change of heart, even as Turkoglu was in Portland visiting with the Trail Blazers.

Turkoglu had agreed on a five-year, $50-million (all currency U.S.) deal with the Blazers, but will sign with the Raptors for more than $10-million a season. Signing Turkoglu means the Raptors will have to renounce their rights to their existing free agents – Shawn Marion, Carlos Delfino and Anthony Parker – to create the cap space for Turkoglu.

Turkoglu's agent, Lon Babby, didn't immediately return calls from The Globe and Mail and the Raptors would not comment. ESPN.com first reported yesterday that Turkoglu had agreed to join the Trail Blazers after helping the Orlando Magic reach the NBA final this season. The team won't be able to officially confirm the deal until the July 8th. "