The Minnesota Timberwolves today announced that the team has signed forward Kevin Love to a four-year contract extension. According to the St. Paul Pioneer Press, the deal is worth $62 million and gives Love the option to opt-out after the third season.

“We are pleased to have signed Kevin to a contract extension,” said Timberwolves President of Basketball Operations David Kahn. “Kevin has improved every year that he’s been in the league, to the point where he’s now one of the top players in the NBA. In Kevin, we have a core player that we can build around as we continue to improve our team.”

“I’m excited to be staying with the Timberwolves and playing in front of our fans. They have been great to me and my teammates during my years here and I thank them for their support,” Love said. “I like the direction our team is going, and I feel that big things are ahead of us. I look forward to being a part of this team as we continue to develop and grow.”

Love was named the NBA’s Most Improved Player last season after averaging 20.2 points and a league-leading 15.2 rebounds per game. He became the first NBA player since Moses Malone in 1982-83 to average 20+ points and 15+ rebounds. This season, Love is averaging 24.9 points and 13.9 rebounds. Love leads the NBA with 16 double-doubles and also ranks fourth in scoring, second in rebounding, second in free throws made (122) and first in minutes per game (39.4).

Love was selected with the 5th overall pick of the 2008 NBA Draft out of UCLA by the Memphis Grizzlies and traded to the Wolves later that night. He averaged 11.1 points and 9.1 rebounds during his rookie season in 2008-09. In 2009-10, the 6-10 forward upped those averages to 14.4 points and 11.0 rebounds. Last season, Love recorded 64 point/rebound double-doubles, including a franchise record 53 consecutive double-doubles. For his career, the 23-year-old is averaging 15.8 ppg and 11.9 rpg.