Timberwolves coach and president of basketball operations Tom Thibodeau told reporters at a news conference Wednesday that the talks are underway with the Toronto native.
The extension would begin in time for the 2018-19 season and could be worth $25.5 million in the first year, ESPN reports. The outlet adds that total would increase to $30.6 million if Wiggins made an all-NBA team or was named Defensive Player of the Year in 2017-18.
Wiggins, 22, was selected first overall by the Cleveland Cavaliers in the 2014 NBA Draft and then traded to Minnesota for Kevin Lowe. Wiggins, a small forward, set career highs in points (23.6 PPG) and assists (2.3 APG) last season.