Kevin Love was officially signed to a four-year, $120 million contract by the Timberwolves, according to multiple sources.
In a statement, Love said, “I’m excited to be back with the Minnesota Timberwolves.
The NBA season is over, but I’m excited about the next chapter of my basketball career.”
He will be the first Timberwolves player to be a free-agent since Pau Gasol signed a five-year deal with the Clippers in 2012.
“We are thrilled to welcome Kevin back to Minnesota.
He has been a valued member of our team for many years, and he is one of our very best players and one of the most valuable players on the planet,” Timberwolves president of basketball operations Flip Saunders said in a statement.
“We are excited to see him return to his home state and continue to build our championship contender.”
Love’s contract was announced by the team on Thursday morning, but the exact terms were not disclosed.
Love will be able to earn up to $15 million per season in the first year, with another $5 million for every second year and $15.4 million per year for each third year, the statement said.
The Timberwolves also signed veteran forward Chris Andersen, who had been the team’s primary backup, and waived veteran guard Andrew Wiggins, who was a restricted free agent.
Love also agreed to a two-year contract extension worth $25 million.
Love, who will be 34 in July, is one year removed from his MVP-winning season and the first time he’s played in more than 10 games in the NBA since 2013.
He averaged 26.7 points, 8.3 rebounds and 4.3 assists per game last season.
He shot 40.2 percent from the field and 39.3 percent from beyond the arc.
The Wolves were a bottom-three team last season in terms of points allowed per game, ranking 28th in the league.
They also had the sixth-fewest points allowed on the season.
They had been one of several teams to fall to the bottom of the league in those categories, as they lost to New Orleans in the Western Conference finals.