The Toronto Raptors and center Jonas Valanciunas have agreed to a contract extension, the team announced Thursday.

It's a four-year deal worth $64 million, according to Yahoo Sports' Adrian Wojnarowski, who adds that the final year is a player option. The deal will also mean Valanciunas can't be traded during the 2015-16 season, as players can't be traded within six months of signing an extension.

Super happy!:)) Best city and best fans in @NBA for another 4 years. Aciu! Can't wait for @Raptors season #WeTheNorth pic.twitter.com/kp9VU8ueru — Jonas Valanciunas (@JValanciunas) August 20, 2015

Tacking on more than $16 million per year for Valanciunas eats into most of the Raptors' financial flexibility next summer, and while he's not a mobile defender, skilled 7-foot rim protectors still have high value in the NBA. Financially speaking, the contract will have to be compared to future deals for similar players with next year's spike in the salary cap, and there's a good chance - based on the 2015 market - that the Raptors got a discount.

Last season, Valanciunas averaged 12 points and 8.7 rebounds in 26.2 minutes while shooting 57.2 percent from the field and 78.6 percent from the line. Those numbers were good for a scorching true shooting percentage of 62.3, with a PER of 20.3, and if he can better develop his passing instincts on the block, his offensive role could expand even further.

Valanciunas also downplayed concerns of a groin injury he reportedly suffered with the Lithuanian national team this summer, saying he's fully healthy, and expecting Lithuania to qualify for the 2016 Olympics.