According to ESPN.com, Thibodeau said the potential extension would be a five-year deal worth $148 million.
The designated rookie-scale extension would have to get done one day prior to the start of the regular season, and it would pay Wiggins $25.5 million in 2018-19, per ESPN.com.
Wiggins made another significant leap forward last season, as he averaged a career-high 23.6 points per game to go along with 4.0 rebounds, 2.3 assists and 1.0 steal.
He also shot 45.2 percent from the field and set a new personal best by connecting 35.6 percent of the time from long range.
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Along with big man Karl-Anthony Towns, the 22-year-old Wiggins is key in the T-Wolves being major players in the Western Conference for years to come.
Minnesota also added the versatile Jimmy Butler during an offseason trade with the Chicago Bulls, giving it a legitimate chance to end a 13-year postseason drought in 2017-18.
Wiggins is a former rookie of the year, and the decision to acquire him from the Cleveland Cavaliers for forward Kevin Love a few years ago is paying dividends considering the former Kansas standout's upward trajectory.