Kyle Lowry announced on Instagram on Thursday that he has agreed to remain with the Philadelphia 76ers.

The deal is for one year, Lowry's agent Mark Bartelstein of Priority Sports told ESPN's Adrian Wojnarowski.

Talks with Bartelstein and 76ers president Daryl Morey ramped up last week as Lowry considered several contenders, sources told Wojnarowski. They landed on a deal Thursday for the North Philadelphia native and Villanova product to return to his hometown Sixers where he'll shore up a veteran bench chasing a title around Joel Embiid, Tyrese Maxey and Paul George.

Lowry, 38, joined Philadelphia in the spring after being bought out by the Charlotte Hornets, who had acquired him in a trade with the Miami Heat for Terry Rozier.

He averaged 8.0 points and 4.6 assists in 23 games with the 76ers in the regular season and was a key part of Philadelphia's rotation both down the stretch and in its six-game, first-round loss to the New York Knicks.

A six-time All-Star, Lowry had played the previous two-plus seasons with the Heat, whom he signed with as a free agent in 2021 after an illustrious run with the Toronto Raptors, where he won the 2019 NBA title.

Lowry returns to a revamped 76ers roster that hasn't advanced to the Eastern Conference finals since 2001. They spent more than $400 million to sign George away from the LA Clippers and keep Maxey, their homegrown All-Star guard, in the fold for five more years. Morey also signed free agents Caleb Martin, Andre Drummond and Eric Gordon and re-signed Kelly Oubre Jr.

ESPN's Tim Bontemps and The Associated Press contributed to this report.