MINNEAPOLIS - The Minnesota Timberwolves have signed Andrew Wiggins to a new contract extension.

The Timberwolves announced on Wednesday that the two sides had reached agreement on a multiyear contract. Terms were not disclosed, but owner Glen Taylor said in August that he had offered Wiggins a five-year max contract worth $148 million.

It put a big piece of business to rest after the situation dragged out for most of the summer while Wiggins moved from one agency to another.

Wiggins averaged 23.6 points per game in his third season in the league. The former No. 1 overall pick has cemented himself as one of the building blocks of an up-and-coming franchise. Along with Karl-Anthony Towns and Jimmy Butler, Wiggins is expected to help the Timberwolves end a 13-season playoff drought this year.