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Toronto, ON (SportsNetwork.com) - The Toronto Raptors announced Thursday that the team has exercised contract options on center Jonas Valanciunas and guard Terrence Ross for the 2014-15 season.

Valanciunas, the fifth overall selection of the 2011 NBA Draft, put together a solid rookie season in 2012-13 following a year playing in his native Lithuania. The 7-footer averaged 8.9 points, 6.0 rebounds and 1.3 blocks while starting 57-of-62 games to earn a spot on last season's NBA All-Rookie Second Team.

The 21-year-old built on his promising debut by being named the MVP of the 2013 Las Vegas Summer League by averaging 18.8 points and 10.0 rebounds over four games.

Ross, taken eighth overall by the Raptors in the 2012 draft, averaged 6.4 points and 2.0 rebounds over 73 games last season. The highlight of the 22- year-old's rookie year came during All-Star Weekend, when Ross won the 2013 Slam Dunk competition.