The Toronto Raptors have finalized a contract with free-agent forward Tyler Hansbrough, a source told ESPN The Magazine's Chris Broussard.

Earlier, sources told ESPN.com's Marc Stein that Hansbrough was nearing an agreement on a multiyear deal with the Raptors. Wednesday marks the first day that teams can actually sign players with the lifting of the league's annual moratorium on player business.

Hansbrough only became an unrestricted free agent this month after the Indiana Pacers -- in the wake of their new three-year, $36 million deal with David West -- consented to relent on Hansbrough's restricted free-agent status.

A 2009 first-round pick considered a high-energy player, Hansbrough has career averages of 8.9 points and 4.7 rebounds in 246 games.