Karl-Anthony Towns has agreed to a five-year, $190 million ($A261 million) super-maximum extension to stay with the Minnesota Timberwolves, according to ESPN.
The 22-year-old has averaged 21.6 points, 11.7 rebounds and 2.4 assists in his first three seasons since Minnesota nabbed him with the No.1 overall pick in the 2015 NBA draft.
The 7-foot, 248-pound centre was entering the final year of his rookie contract.
Towns told the Timberwolves on Saturday night that he would sign the extension, sources told ESPN.
Minnesota begin training camp on Tuesday.
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"On June 25, 2015, I was drafted and committed to the Minnesota Timberwolves," Towns said in a statement provided to the network.
"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 organisation 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 signing affirms Towns' place as the face of the franchise.
He made his first All-Star game last season and earned NBA Rookie of the Year honours in 2016.
He helped Minnesota reach the playoffs last season for the first time in 13 years.
As Towns commits to Minnesota, the franchise must decide what to do with four-time NBA All-Star Jimmy Butler.
The 29-year-old reportedly has asked for a trade to a big-market franchise - Los Angeles Clippers, New York Knicks or Brooklyn Nets - and will not be on hand when the team conducts its annual media day on Monday.
Butler appeared in 59 games last season for the Timberwolves, averaging 22.2 points, 5.3 rebounds, 4.9 assists and 2.0 steals.
