Andrew Wiggins and the Minnesota Timberwolves are closing in on a new deal.

The Vertical's Shams Charania reports the 22-year-old native of Vaughan, Ont., and the team are nearing a five-year, $148 million extension.

Wiggins appeared in all 82 games for the Timberwolves last season, averaging 23.6 points, 2.3 assists and 4.0 rebounds in 37.2 minutes a night on .452 shooting.

The 2015 National Basketball Association Rookie of the Year is heading into his fourth NBA campaign. Taken with the first over selection in the 2015 NBA Draft out of Kansas by the Cleveland Cavaliers, Wiggins was acquired by the T-Wolves as part of the 2015 trade that sent Kevin Love to Cleveland.

Hopes are high for the Timberwolves this season with the summer acquisitions of Jimmy Butler and Jeff Teague. The club last made the playoffs in 2004.

They open up their 2017-18 campaign on Oct. 18 at the San Antonio Spurs.