07/10/2014 09:41 EDT | Updated 09/09/2014 05:59 EDT

Kyle Lowry, Raptors make new deal official

The Toronto Raptors have officially re-signed point guard Kyle Lowry to a multiyear contract and are holding a news conference to announce the move.

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Lowry announced on Twitter earlier this month that he'd agreed to stay with the Raptors, but today is the first day that NBA signings and trades can be made official after the league's moratorium on such moves ended at 12:01 a.m. ET.

Lowry's deal will pay him $48 million US over four years with a player opt-out clause after the third year, according to multiple reports.

The Raptors declined to offer details in a press release issued today, calling it only a "multiyear deal."

Re-signing Lowry, the top point guard available in NBA free agency, was a priority for the Raptors after a strong season. Toronto finished a franchise-best 46-34 in the regular season to win the Atlantic Division before losing in seven games to Brooklyn in the first round of the playoffs.

Toronto's resurgence can, in part, be credited to Lowry. The 28-year-old averaged career highs with 17.9 points per game and 7.4 assists per game, and was even better in the post-season, averaging 21.1 points against the Nets.

Lowry was spectacular in Game 5, scoring a career playoff high of 36 points.

Restricted free-agent guard Greivis Vasquez said on Twitter Wednesday that he has also re-signed with the Raptors.