Kyle Lowry had seven days following the last game of the season to exercise the early termination option in his contract with the Toronto Raptors and Friday the paperwork was completed, according to ASM Sports.

"I will be opting out and that's as far as I've gotten," Lowry told reporters on Monday. "Honestly, that is as far as I've gotten. We lost yesterday. I still have to get my ankle healthy, get treatment, get to that point."

Lowry is expected to re-sign with the Raptors, however it's not a lock.

"I want a ring," Lowry said. "That's all that drives me. I want to just get better, I want to have fun, I want to win a ring. I want to make sure my family is happy. That's all I've thought about right now."

Raptors general manager Masai Ujiri met with the media on Tuesday and maintained that he wants Lowry to stay with the team.

"We know what we have with him, with him at his best," Ujiri said. "The last couple months we saw without him, we didn't jell."

Lowry, as an 11-year NBA veteran, is eligible to sign a five-year contract with the Raptors for up to an estimated $205 million. Once the 2017-18 salary-cap year begins on July 1, he might receive a call from the Philadelphia 76ers, his hometown team, in addition to the Raptors.

-- Nick Silva