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.
--Cleveland Cavaliers star LeBron James sat out practice and was ruled out for Friday's preseason game against the Orlando Magic due to a left ankle injury, coach Tyronn Lue announced.
Lue also told reporters that he was "not sure" if James would be ready to play in the Cavaliers' season opener against Kyrie Irving and the Boston Celtics on Oct. 17.
"Got treatment all day today, so I'm not sure if we should be concerned or not," Lue said. "But it's pretty sore today so we'll just see what happens."
--Jaromir Jagr will make his debut with the Calgary Flames on Wednesday night against the Los Angeles Kings at Staples Center, coach Glen Gulutzan announced.
Gulutzan said Jagr will play right wing on the third line with center Sam Bennett and left wing Kris Versteeg.
The 45-year-old Jagr, who signed a one-year, $1 million contract on Oct. 3, has sat out the Flames' first three games to work on his conditioning.
--Top-seeded Spaniard Rafael Nadal cruised in his debut match at the Shanghai Rolex Masters in Shanghai, China.
Nadal needed only 53 minutes to wrap up a 6-2, 6-1 win over American Jared Donaldson and set up a date in the round of 16 against Italy's Fabio Fognini, who knocked off 15th-seeded Frenchman Lucas Pouille 7-6 (7), 6-3 in round of 32 action.
No. 2 seed Roger Federer had to work a little harder but managed to advance to the round of 16 with a 7-6 (4), 6-4 victory over Argentina's Diego Schwartzman. Federer recorded 14 aces and no double-faults in the 93-minute match.
--Maria Sharapova breezed to a 6-4, 6-2 win over top-seeded Irina-Camelia Begu in their first-round match at the WTA Tianjin Open in Tianjin, China.
Sharapova continued her head-to-head dominance of the Romanian by taking advantage of a pair of double faults to win the first set. The Russian wild card rushed out to a 3-0 advantage in the second and held serve to dismiss Begu in one hour, 22 minutes.
Second-seeded Petra Kvitova of the Czech Republic was bounced in her first-round match against home hopeful Zhu Lin, who posted a 6-4, 5-7, 6-4 triumph.
--Naomi Osaka upended second-seeded Venus Williams in their second-round match at the Hong Kong Tennis Open.
The 19-year-old Japanese player posted a 7-5, 6-2 victory to exact a bit of revenge from getting bounced by Williams in their Wimbledon match earlier this year.
Osaka advanced to face Russian Anastasia Pavlyuchenkova in the quarterfinal, who posted a 7-6 (3), 6-1 win over American Jacqueline Cako. Pavlyuchenkova overcame three double faults to win her match in 1 hour, 34 minutes.
--Tatjana Maria booked her spot in the quarterfinals of the Upper Austria Ladies Linz with a 6-2, 6-3 win over Slovakia qualifier Viktoria Kuzmova.
Maria was one of three players to advance to the quarterfinals, joining Switzerland's Belinda Bencic and Romanian qualifier Mihaela Buzarnescu. Bencic overcame a poor second set to earn a 6-2, 2-6, 6-3 win over Spain's Lara Arruabarrena while Buzarnescu battled back after dropping the first set to Croatia's Ajla Tomljanovic to post a 4-6, 7-6 (1), 6-1 victory.
Bencic, a former World No. 7, won four straight games in the third set after suffering an early break and earn her second three-set win in as many matches at Linz.