Terms were not released by the team, but the deal is a maximum five-year, $148 million extension that will keep him obligated to the Timberwolves through 2023, according to multiple reports. The extension starts with the 2018-19 season.
"I'm pleased that we've reached an agreement with Andrew on a contract extension," Timberwolves owner Glen Taylor said in a statement. "Andrew is one of the best young players in the NBA and he has the talent and work ethic to get even better and be a foundation for our franchise for many years."
Wiggins, 22, registered a career-high 23.6 points, 4.0 rebounds, 2.3 assists and 37.2 minutes in 82 games last season, making a career-best 103 3-pointers on a career-high 35.6 percent shooting from beyond the arc.
The 6-foot-8, 202-pound Wiggins averaged 26.0 points over the final 30 games in 2016-17, including 28.3 in eight April starts. He registered five 40-plus-point games a season ago, including a career-best 47-point performance.
"I'm very excited to continue my career with the Timberwolves," Wiggins said. "I love it here. The fans and organization have supported me from my first day here in Minnesota. I want to thank Glen Taylor, Tom Thibodeau, the entire coaching staff and my teammates for believing in me. We've had some good times over the last three seasons, but the best is yet to come. I look forward to doing right by them and bringing this team to the postseason."
For his career, Wiggins has played in 245 of a possible 246 games, averaging 20.4 points, 4.1 rebounds and 2.1 assists in 36.2 minutes per contest. Only three players (LeBron James, Kevin Durant and Carmelo Anthony) scored more points before their 22nd birthday and Wiggins' 4,995 career point total ranks sixth on the Wolves' all-time scoring list.
Wiggins won the Eddie Gottlieb Trophy as the NBA's Rookie of the Year following the 2014-15 season in which he averaged 16.9 points, 4.6 rebounds and 2.1 assists, becoming the first Wolves player to take the honor.
"We're very excited that Andrew has decided to commit his future to the Timberwolves," Timberwolves president of basketball operations and head coach Thibodeau said. "We feel strongly that he is just scratching the surface of the player he will become. Andrew is among the elite young talents in our league and the sky is the limit for him. We look forward to watching his development in the coming years."
Wiggins was selected first overall in the 2014 draft by the Cleveland Cavaliers out of Kansas and traded to the Wolves on Aug. 23, 2014.