In a deal that cements him as the franchise's long-term cornerstone, Minnesota Timberwolves All-Star center Karl-Anthony Towns has agreed to a five-year, $190 million super-maximum extension, league sources told ESPN.
The Timberwolves announced on Sunday that Towns had agreed to a multi-year extension but they did not release the terms.
Towns' agent, Leon Rose of CAA Sports, informed the organization of Towns' intention to sign the extension on Saturday night, sources said. The Timberwolves report for media day on Monday and begin training camp on Tuesday.
In a statement, Towns said: "On June 25, 2015, I was drafted to and committed to the Minnesota Timberwolves. On September 22, 2018, I made a recommitment to the Wolves and have the same feelings of excitement that I felt back in 2015.
"I promise to the fans, my teammates and the organization to keep the vision of the man who drafted me, Flip Saunders, alive and treat his dream of winning with respect and dignity. To the fans from Day One and the Timberwolves fans, this is for you. Thank you for believing in me."
The super-max deal includes the ability for Towns to earn 30 percent of the Timberwolves' salary cap with the fulfillment of reaching one of the three All-NBA teams, or being voted league MVP or Defensive Player of the Year this season.
In three NBA seasons, Towns, 22, has emerged as the Timberwolves' most significant player since Kevin Garnett.
Towns, the No. 1 overall pick out of Kentucky and 2016 NBA Rookie of the Year, led the Timberwolves into the Western Conference playoffs for the first time in 13 seasons in 2017-2018. He made the Western Conference All-Stars and earned third-team All-NBA honors.
On Saturday night, Towns also tweeted "5 More" accompanied by a video montage of his career with Minnesota.
"5 More" pic.twitter.com/aBRVJJBvdh— Karl-Anthony Towns (@KarlTowns) September 23, 2018
Towns, who hasn't missed a game in his three seasons, averaged 21.3 points, 12.3 rebounds and 1.4 blocks per game in 2017-18.