Hedo Turkoglu has reportedly signed a five-year deal worth $50 million US with the Raptors. (John Raoux/Associated Press)

The Toronto Raptors have signed coveted free agent Hedo Turkoglu, various news outlets reported late Friday.

Turkoglu, fresh off a run to the NBA final with the Orlando Magic, has reportedly signed a five-year deal worth over $50 million US.

It means one of the most sought-after free agents this off-season is landing in The Big Smoke, making his signing a huge coup for the Raps.

Turkoglu turned a lot of heads during Orlando's playoff run. He averaged 18 points, 4.6 rebounds and shot 43.8 per cent from three-point land in the NBA final against the Los Angeles Lakers, though the Magic fell in five games.

The six-foot-10 forward averaged 16.8 points and 5.3 rebounds, 4.9 assists and shot 35.6 per cent from three-point range in the regular season. Over his career he has averaged 12.3 points and 4.2 rebounds per game, and 38.5 per cent from behind the arc.

Chris Bosh put his vote in, remarking through his Twitter feed, "I hope Hedo signs with us."

Last week Turkoglu opted out of the final season of his contract with Orlando, worth $7.3 million US a year, as the Magic traded for veteran Vince Carter to replace him. Toronto was keen to land him, along with several other teams.

But it didn't look like the Raptors would get their man earlier Friday — various news outlets were reporting that Turkoglu was in Portland and had a verbal agreement to sign with the Trail Blazers. However, the deal fell apart hours later.

Toronto then swept in for a late bid to grab Turkoglu, who favoured that move because he's reportedly drawn to the city's cosmopolitan and multicultural flair.

The big Turk has spent nine seasons in the NBA, splitting time among Sacramento, San Antonio and Orlando. He was selected in the first round, 16th overall, by the Kings in the 2000 draft.

The Raptors won't be able to announce the deal until Wednesday, when the league sets its salary cap for the 2009-10 season.

By signing Turkoglu to such a big deal, the Raptors are now forced to clear a lot of cap space — meaning it's likely Shawn Marion, Anthony Parker and Carlos Delfino won't be in Toronto uniforms next season.

All three players are free agents, and the Raptors have until Tuesday to renounce their rights to them.

Toronto president and general manager Bryan Colangelo has been keen on the big Turk for a while. He tried hard to sign Turkoglu back in 2004 while he was in the front office of the Phoenix Suns.