League sources told ESPN, USA Today Sports and the Miami Herald on Monday that Lowry agreed to a three-year contract worth about $90 million as part of the sign-and-trade agreement. It remains unclear who the Heat traded away to facilitate the deal.
Lowry, who helped guide the Raptors to their only NBA championship in 2019, later confirmed his intention to sign with Miami on social media. In joining the Heat, Lowry will team up with close friend Jimmy Butler and All-Star center Bam Adebayo.
The 35-year-old Lowry, a six-time All-Star selection, leaves the Raptors as the franchise's all-time leader in 3-pointers, assists, steals and triple-doubles. He has averaged 14.9 points, 6.2 assists and 4.4 rebounds over 960 career games with the Memphis Grizzlies, Houston Rockets and Raptors.
The Heat also agreed to bring back restricted free agent Duncan Robinson on a five-year, $90 million pact, his agent told ESPN on Monday. The deal, which is the largest ever for an undrafted player, includes an early termination option in the fourth year.
Undrafted out of Michigan in 2018, Robinson averaged 13.1 points over 72 games last season, shooting 40.8% from 3-point range.
Pelicans' Lonzo Ball to the Bulls
Also Monday, the Chicago Bulls reached an agreement with the New Orleans Pelicans to acquire point guard Lonzo Ball as part of a sign-and-trade deal.
The 23-year-old Ball will join Bulls stars Zach LaVine and Nikola Vucevic as Chicago tries to become competitive in the Eastern Conference.
Ball averaged a career-best 14.6 points per game on 41.4% shooting from the field last season. The former No. 2 overall pick in the 2017 NBA Draft spent his first two seasons with the Los Angeles Lakers before being shipped to New Orleans as part of the Anthony Davis trade.
Paul agreed to stay in Phoenix on a new four-year contract that could be worth as much as $120 million, his agents told ESPN on Monday. The 16-year veteran averaged 21.8 points and 8.2 assists for the Suns during their run to the NBA Finals this past season.
Conley, meanwhile, agreed to return to the Jazz on a three-year, $72.5 million deal, his agents told ESPN.
The 33-year-old Conley later announced his decision to re-sign with the club on social media, writing: "Blessed to continue this journey with the [Jazz]!"
Cavaliers retain center Jarrett Allen
Allen, who was part of the James Harden blockbuster trade earlier this year, averaged 13.2 points and 9.9 rebounds in 51 games with the Cavaliers after the trade.
Allen, who is entering his fifth season in the NBA, was selected by the Brooklyn Nets with the No. 22 overall pick in the 2017 draft.