TORONTO -- Raptors point guard Kyle Lowry will opt out of the final year of his contract and test free agency this summer.

The three-time All-Star has one year and $12 million remaining on the four-year, $48 million deal he signed in July 2014.

"I will be opting out and that's as far as I've gotten," Lowry told reporters, according to the Toronto Star. "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 following through on a plan he initially made in October, when he told The Vertical he would prefer to remain with the Raptors but acknowledged he is "open to seeing what else is out there."

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On Monday, he told reporters that his main consideration in choosing where to sign will be his ability to win a championship.

"I want a ring," he 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."

Asked if he believed he could get that ring with the Raptors, Lowry said, according to the Star: "I think I can do that anywhere I play. That's just how confident I am."

Lowry averaged career bests of 22.4 points, 7.0 assists and 4.8 rebounds per game this season but was limited to 60 games because of a right wrist injury that required surgery in February.

He is prepared to join a free-agent class that could include Stephen Curry, Kevin Durant, Blake Griffin and Chris Paul. For the Raptors, forwards Serge Ibaka and PJ Tucker, acquired at the trade deadline to beef up Toronto's front line, will be free agents, as will forward Patrick Patterson.

"I like the style of the team, the way they play, the locker room," Ibaka said. "Those guys, they're great, great guys. Since I got here, everything was easier, and I had fun with them."

Sidelined by a sprained left ankle, Lowry was not active Sunday when Toronto was swept in the second round of the playoffs by defending champion Cleveland. Lowry was injured in the third quarter of Game 2 and aggravated the injury while trying to warm up for Friday's Game 3.

The 11-year veteran, now 31, said his age should not be an issue with potential suitors.

"People say, 'Oh, you're over 30,'" Lowry said. "Look at the technology. Dieting, training, everything has changed. The guy we just lost to [James], he's 32 years old, he's still playing at a 25-year-old pace."

The Associated Press contributed to this report.