Fred VanVleet is leaving the Toronto Raptors and signing a three-year, US$130 million contract with the Houston Rockets, according to multiple reports.

VanVleet spent his entire seven-year career with the Raptors after being drafted in 2016.

This is the biggest contract for an undrafted player in NBA history.

VanVleet was part of the Raptors team that won a championship in 2019 and was named an all-star in 2022.

The 29-year-old point guard waived his $22.8 million player option two weeks ago. The option year was to be the last of a four-year, $85 million deal he signed in 2020.

Last season, VanVleet averaged 19.3 career points and 7.2 assists in 69 regular season games. The Raptors finished with a 41-41 record and missed the playoffs after a play-off loss to the Chicago Bulls.

The Raptors moved quickly to replace VanVleet, reportedly signing 29-year-old point guard Dennis Schröder to a two-year, $26 million deal.