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DeMar DeRozan was set to enter free agency on the heels of an Eastern Conference Finals appearance with the Toronto Raptors. However, he has reportedly reached a deal to remain in Toronto.

Continue for updates.

DeRozan Reportedly Re-Signs with Raptors

Friday, July 1

Shams Charania of The Vertical reported DeRozan and the Raptors agreed to a five-year contract worth over $139 million.

On June 25, ESPN.com's Tim MacMahon reported that DeRozan was focused on agreeing to terms with the Raptors, adding that the guard didn't plan on meeting with any other teams "barring the unforeseen development of talks breaking down the [sic] Toronto."

DeRozan Linked to Lakers

Monday, June 27

Sam Amick of USA Today reported the Los Angeles Lakers "could wind up getting a meeting with DeRozan," citing the fact that the guard "still resides there during the summer" and that the Lakers are "widely known to be very interested in making him part of their young core."

However, on May 31, Bleacher Report's Kevin Ding noted on Bleacher Report Radio (via Bleacher Report Radio's Noah Coslov), "There's a lot of presumption about DeRozan, and I'm told the Lakers aren't that high on him."

Some third parties have suggested DeRozan may be looking to sign with the Lakers. He is from Compton, California, and played one season at USC.

DeRozan's friend and former USC teammate Romeo Miller told TMZ Sports that DeRozan is "the best 2-guard in the NBA" and that the best 2-guards end up in Los Angeles. It was hardly a definitive or declarative statement, but it did stoke the fire.

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Per Josh Lewenberg of TSN 1050, when DeRozan was asked about Los Angeles, he said the "only thing appealing to me is the things I've done in this organization and the things I can do."

These comments echo what DeRozan has said virtually all season. He told Stein in February that Toronto "has always been home to me."

Multiple Teams Interested in DeRozan

Sunday, June 26

Amick reported that the Los Angeles Clippers, Golden State Warriors, Miami Heat, New York Knicks and Orlando Magic will try to sign DeRozan once he hits free agency.

DeRozan Opts Out of Raptors Deal

Tuesday, June 14

DeRozan has officially elected to opt out of the final year of his current contract with the Raptors to become a unrestricted free agent, according to Chris Haynes of the Plain Dealer.

Ujiri Comments on DeRozan's Free Agency

Monday, May 30

Raptors general manager Masai Ujiri said the team's "No. 1 goal" is to bring DeRozan back this offseason, via James Herbert of CBSSports.com.

"I think that question is for later," Ujiri said when asked if the team would offer DeRozan a max contract, per Herbert. "Our organization I think has showed that we want to win."

DeRozan Comments on Free Agency, Potential Lakers Interest

Saturday, May 28

Per Lewenberg, DeRozan said Saturday he has "no clue" about his impending free agency. He added that his "mindset has always been Toronto. ... I don't want to switch it up now," courtesy of Lewenberg.

It's worth noting that DeRozan holds a player option for $9.5 million next season, per Spotrac. There's no reason for him to exercise it, though, since he can make exponentially more money on a long-term contract.

DeRozan Would Have Been Highly Sought-After Free Agent

The 26-year-old would have certainly been an attractive option for teams this summer. He is coming off the best year of his career, having averaged 23.5 points, 4.5 rebounds and four assists per game, and there will be more money for teams to throw at free agents with the rising salary cap.

The Raptors have never been big spenders and project to have an $83 million payroll next season, though that figure includes DeRozan's salary from his player option, per Spotrac.

Before this season, the franchise had never reached the Eastern Conference Finals, and they're undoubtedly happy to have DeRozan back in the fold as they look to build on their success.