The value is approximately $25.6 million, marking the final year of a five-year contract Gasol signed with the Memphis Grizzlies in 2015. Had the 34-year-old Spaniard not accepted prior to the Thursday, he would have become a free agent on Sunday.
Raptors star Kawhi Leonard also has a one-year player option on his deal with a deadline for a decision Saturday, but he is expected to turn it down and become a free agent Sunday after leading Toronto to its first NBA title. Guard Danny Green is the other Raptors regular slated to become a free agent.
The Raptors acquired Gasol from the Grizzlies in February.
Gasol averaged 13.6 points and 7.9 rebounds in 79 regular-season games with the Raptors and Memphis this season. He averaged 9.4 points and 6.4 rebounds in 24 playoff games.