The Toronto Raptors aren't willing to let point guard Immanuel Quickley go this offseason.

According to Shams Charania of The Athletic and Stadium, the Raptors are signing Quickley to a new five-year contract worth $175 million on Friday.

Toronto had the option of extending a qualifying offer to Quickley that would've been worth $6.1 million for the 2024-25 season and made him a restricted free agent this summer, but the team decided to reward him with a new deal instead.

After spending the first three-plus seasons of his career with the New York Knicks, Quickley was sent to the Raptors in December as part of a five-player trade. While he was serviceable playing primarily in a bench role in New York, he thrived when he received a larger workload in Toronto.

Quickley started all 38 games he played for the Raptors and averaged career highs of 18.6 points, 4.8 rebounds and 6.8 assists. He led the team with 39.5 percent shooting from three-point range.

Despite Quickley's impressive play, Toronto struggled to keep up with the rest of the Eastern Conference and missed the playoffs for the third time in the last four seasons with a 25-57 record.

By signing Quickley to a new deal, the Raptors are retaining a rising young player whose best years are ahead of him. The 25-year-old will be a key part of Toronto's rebuild going forward.