The Minnesota Timberwolves and their star forward Kevin Love reached terms on a contract extension through the 2015-16 season, ESPN reported.
The Timberwolves granted Love a player option in the final year of his new four-year deal worth in excess of $60 million.
The player option means that the All-Star forward could choose to become a free agent after three years, which would be the summer of 2015.
Love posted on his verified Twitter feed: "To #twolves fans: I"ll be in Minnesota for 4 more years! Excited to see you when I get back to Minneapolis."
The deal will be signed Wednesday afternoon, after the team completes their shootaround in Dallas.
Love and his Timberwolves (7-10) will take on the defending champion Mavericks (11-7) tonight at 7:30 p.m.