Toronto Raptors point guard Greivis Vasquez has reached an agreement to remain with the club, according to Adrian Wojnarowski of Yahoo! Sports.
The deal is reportedly worth $13 million over two years.
Vasquez was a restricted free agent and will not be able to sign the deal until Thursday at 12:01 a.m., when the free agency moratorium finishes and contracts can officially be signed.
The 27-year-old averaged 9.5 points and 3.7 assists per game, while shooting 41.7 percent from the field and 38.9 percent from deep in 61 games played with Raptors last season. Vasquez acted as the primary backup to Kyle Lowry and was even featured in lineups with him at times.
He was first brought to Toronto in early December as part of the Rudy Gay trade that also saw Patrick Patterson, Chuck Hayes and John Salmons come to the club.
This move, coupled with rookie Bruno Caboclo's signing earlier on Wednesday, as well as the trade with Atlanta for Lou Williams and Lucas "Bebe" Nogueira and the reported Steve Novak trade that will clear up some cap space will see the Raptors' salary for next season at approximately $67.2 million, almost $4 million over the new salary cap, but still $9.6 million under the luxury tax threshold, meaning the team could still conceivably add a piece using the full $5.3 million mid-level exception.