On Wednesday, Michael Scotto and Jon Krawczynski of The Athletic reported the sides are engaged in ongoing conversations about a maximum rookie-scale deal.
Towns has established himself as one of the NBA's most talented young building blocks across his first three seasons since the Wolves selected him with the first overall pick in the 2015 draft.
The 22-year-old University of Kentucky product averaged 21.3 points, 12.3 rebounds and 1.4 blocks across 82 appearances during the 2017-18 campaign. He hasn't missed a game during his pro career, showcasing terrific durability, especially for a post player.
Artist Paints Over LeBron's 'King of LA' Mural
Did LeBron Really Skip His Own Pizza Party?
Watch Boogie's 🔥from Last Season 📽️
LeBron's Top 10 Plays of 2017-18
15-Year Anniversary of 2003 Draft
2 Years Ago Today, Cavs Came Back from Down 3-1
Draft Prospects Following in Families' NBA Footsteps
Giannis' Offseason from Posterizer to Taste Tester
Embiid Is Having Himself a Summer
New Dubs Celebrating 1st Title in Style
Why LeBron Needs to Leave Cleveland
'The Wheelchair Game' Was 10 Years Ago Today
Embiid Set Twitter on Fire Again
Four Years Ago, Lance Went Viral
Ayton Has Boogie-Like Potential 👀
15 Yrs Ago, LBJ Inked the Biggest Rookie Shoe Deal Ever
Chinese Fans Keep It 100 with LBJ Nicknames
Sixers Welcomed Meek Home in Style 👀
Mitchell Breaks MJ’s Rookie Playoff Record
Towns is set to earn $7.8 million next season, but he'll become a restricted free agent next summer if no extension is in place, per Spotrac.
"We're just optimistic it will be done as soon as possible," Timberwolves head coach Tom Thibodeau told reporters in June.
Along with Towns' situation, Minnesota shooting guard Jimmy Butler can use a player option in his contract to become an unrestricted free agent in 2019.
So the next 12 months are going to play a crucial role in the Wolves' attempt to remain competitive in the loaded Western Conference with the Golden State Warriors, Houston Rockets and the newly LeBron James-led Los Angeles Lakers.