The representatives for Raptors point guard Kyle Lowry, ASM Sports, announced that the three-time All-Star has officially opted out of the final year of his contract to become an unrestricted free agent.

The Raptors signed the 31-year-old to a four-year, $48 million contract in the summer of 2014.

After opting out, Lowry stands to cash in after coming off what was his best season before it being derailed by a wrist injury at the 2017 All-Star Game in New Orleans. Lowry underwent surgery and missed most of the second half of the season.

In 60 games played in 2016-17, the Raptors' point guard still manged a career high in points, averaging 22.4 PPG to go along with seven assists per game on 46.4 per cent shooting from the field and 41.2 per cent from three point range.

Lowry, a native of Philadelphia, has already expressed interest to possibly return to his hometown and play for the 76ers. However, the 12-year veteran made it clear that first and foremost he wants to sign with a team that gives him the best chance to win an NBA championship.

The Raptors still have the best opportunity to re-sign their star point guard as they can offer him a five-year max deal of roughly $200 million, whereas other teams can only offer four years at $35 million per year.