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.
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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.