PHILADELPHIA (CBS) — Toronto Raptors all-star point guard Kyle Lowry will officially hit the market this summer.

Related: Porter: Kyle Lowry May Be Worth It For Philly

Lowry, 31, announced on Monday that he will opt out of his contract to become an unrestricted free-agent in July.

Lowry has a 2017-18 player option for his $12 million salary.

Toronto can re-sign the Philly native to a five-year deal worth $205 million. Every other team can only offer Lowry a four-year deal worth approximately $152 million.

The Sixers will pursue Lowry, according to’s Zach Lowe.

ESPN’s Marc Stein reports that Lowry is considering moving to the Western Conference:

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