Andrew Wiggins has signed a "multi-year contract extension" with the Minnesota Timberwolves, the team announced on Wednesday.

While the Timberwolves did not disclose the financial terms of the contract, ESPN reported a maximum five-year deal that will pay Wiggins $148million and keep him with the franchise until 2023 has been agreed.

"I'm very excited to continue my career with the Timberwolves," Wiggins said in a statement. "I love it here. The fans and organisation have supported me from my first day here in Minnesota.

"I want to thank Glen Taylor, Tom Thibodeau, the entire coaching staff and my team-mates 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.”

Wiggins, 22, was selected by the Cleveland Cavaliers with the number-one pick in the 2014 NBA Draft before being traded to the Timberwolves two months later.

He averaged a career-high 23.6 points, 4.0 rebounds and 2.3 assists in 82 games last season while also making a personal-best 103 three-pointers.

Wiggins' 35.6 shooting percentage from beyond the arc in 2016-17 also represented the best of his career.

The Timberwolves will begin their campaign against the San Antonio Spurs on October 18.