The Miami Heat, Dallas Mavericks and New Orleans Pelicans are reportedly at the forefront of clubs intending to pursue Lowry, according to NBA insider Marc Stein.
Though negotiations are not officially permissable until Monday at 6 p.m. ET, Stein's reporting indicated that Lowry is the the top target for all three teams, with the Heat having an apparent recruiting advantage due to Lowry's close relationship with Miami star Jimmy Butler.
If Lowry, a fixture on the Raptors during the team's rise from playoff contenders to NBA champions, chooses to leave Toronto, he will enter free agency this summer as one of the most sought-after point guards on the market.
A six-time all-star during his nine-season run in Toronto, Lowry averaged 17.2 points and 7.3 assists per game last season.
The 35-year-old is coming off a one-year, $30.5 million deal with the Raptors.