Kyle Lowry announced on Instagram on Thursday that he has agreed to remain with the Philadelphia 76ers.
The deal is for one year, Lowry's agent Mark Bartelstein of Priority Sports told ESPN's Adrian Wojnarowski.
Lowry, 38, joined his hometown 76ers in the spring after being bought out by the Charlotte Hornets, who had acquired him in a trade with the Miami Heat for Terry Rozier.
He averaged 8.0 points and 4.6 assists in 23 games with the 76ers in the regular season and was a key part of Philadelphia's rotation both down the stretch and in its six-game, first-round loss to the New York Knicks.