Lowry signs reported 3-year, $90M deal with Heat via sign-and-trade

Kyle Lowry is taking his talents to South Beach.

The longtime Toronto Raptors star announced his decision to join the Miami Heat on social media Monday.

Lowry inked a three-year contract worth approximately $90 million in a sign-and-trade deal between the Heat and Raptors, sources told ESPN's Adrian Wojnarowski.

Miami is sending guard Goran Dragic and big man Precious Achiuwa to Toronto as part of the sign-and-trade, ESPN's Tim Bontemps reports.

The veteran guard has a close relationship with Heat star Jimmy Butler and the two previously played together on Team USA at the Rio Olympics.

The Dallas Mavericks and New Orleans were also said to be aggressively pursuing Lowry's services.

Lowry averaged 17.5 points, 7.1 assists, 4.9 boards, and 1.5 steals per contest over nine seasons with the Raptors. He earned six All-Star selections and an All-NBA third-team nod.

The Villanova product leaves Toronto as the franchise's all-time leader in 3-point field goals, assists, steals, and triple-doubles. Only DeMar DeRozan has scored more points in a Raptors uniform.

The NBA's free-agency negotiation period kicked off Monday at 6 p.m ET, but deals can't be officially signed until the league's moratorium period on transactions expires at 12:01 p.m. ET on Aug. 6.