Timberwolves owner Glen Taylor discussed Wiggins with Sid Hartman of the Minneapolis Star Tribune on Friday and noted that contract talks were in the beginning stages.
"First of all, I think he likes it here, we like him, he can get the very best contract from me, better than he can get from anyone else," Taylor said. "I don't think we have any trouble of offering him the max anyway.
"... Wiggins, we want to sign him to a long-term contract, we want to keep him here, and we're negotiating with his agent. But we just started that negotiation, and we have quite some time to get that done."
Wiggins is scheduled to make $7.6 million during the 2017-18 season and is eligible for a $9.8 million qualifying offer for the 2018-19 campaign, per Spotrac.
The 22-year-old told Sports Illustrated's Ben Golliver recently he would settle for "nothing less" than a max contract worth up to $148 million over five years on his next deal.
The T'Wolves acquired Wiggins in August 2014 as part of a three-team deal with the Cleveland Cavaliers, who received Kevin Love, and the Philadelphia 76ers. The Cavs drafted Wiggins first overall roughly two months before making the deal and one month after LeBron James announced his return to the team from the Miami Heat.
Wiggins had his best season in 2016-17, averaging a career-high 23.6 points, 2.3 assists and 4.0 rebounds over 82 games.