According to Jerry Zgoda of the Star Tribune, Thibodeau said he is "very optimistic" that the T-Wolves will ink Towns to a long-term deal.
"We know how important Karl is to the future of the organization," Thibodeau added.
The Timberwolves have until the end of October to sign Towns to an extension. Otherwise he will become a restricted free agent next offseason.
Per ESPN's Bobby Marks, Towns' extension can be worth up to $188 million since he made the All-NBA Third Team at the conclusion of the 2017-18 campaign.
The 22-year-old big man was named an All-Star for the first time last season, as he averaged 21.3 points, 12.3 rebounds, 2.4 assists and 1.4 blocks per game.
He also helped lead the Timberwolves to the playoffs for the first time since 2003-04, ending the NBA's longest drought.
Towns' numbers were down slightly in comparison to 2016-17, though, when he averaged 25.1 points, 12.3 rebounds, 2.7 assists and 1.3 blocks per contest.
Despite the drop-off, Towns is one of the NBA's best centers, and he still has plenty of room to develop his game.
He also brings added value due to his durability, as he has yet to miss a game in his three-year NBA career.
Based on the fact that Minnesota managed to sign guard Andrew Wiggins to an extension last October after lengthy negotiations, Thibodeau's optimism regarding Towns seems warranted.