Andrew Wiggins won't be leaving Minnesota.

The Timberwolves on Wednesday announced that they have signed the fourth-year forward to a multiyear extension.

While the team did not disclose the financial terms of the contract, ESPN reported the two sides agreed on the maximum five-year extension that will pay him $148 million and keep Wiggins with the team through 2023. The new deal also makes Wiggins the highest-paid Canadian NBA player of all-time.

“I’m very excited to continue my career with the Timberwolves,” Wiggins said in a statement. “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.”

Wiggins, 22, was selected by the Cavaliers with the No. 1 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 career-best 103 3-pointers on a career-high 35.6 shooting percentage beyond the arc.

The Timberwolves will open the regular season Oct. 18 against the Spurs in San Antonio.