The Minnesota Timberwolves and shooting guard Andrew Wiggins have finally agreed to a lucrative contract. Two months ago the team offered the extension, but Wiggins had waited until now to sign it. This makes the 22-year-old the latest young player in the league to be handsomely rewarded by his team. [VIDEO]

In other news around the league, the New York Knicks and former lottery pick Trey Burke have agreed to a deal.

Wiggins finally signs extension

Jon Krawczynski, an NBA writer for the Associated Press (AP), was the first to report that Andrew Wiggins had signed his contract extension.

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It is a five-year deal worth almost $150 million and does not include a player option.

The Timberwolves offered Wiggins the extension in early August, but Wiggins waited to accept the offer as he made changes around him.

He ended his relationship with agent Billy Duffy as he overhauled the team of advisers surrounding him and basically led the process himself.

Last season, Wiggins averaged 23.6 points, 4.0 rebounds, 2.3 assists and 1.0 steals. He set career highs in points and assists in his third year in the NBA. The 2014-15 Rookie of the Year still has yet to make an All-Star or All-NBA team, but the Timberwolves clearly believe he is a key building block for their future.

Minnesota is hoping this is the year that Wiggins and Karl-Anthony Towns, along with new additions Jimmy Butler, Jeff Teague, and Jamal Crawford, can help to end the team's 13-year playoff drought.

Trey Burke signs with the Knicks

ESPN's Ian Begley was the first to report the news that the New York Knicks had announced the signing of guard Trey Burke.

He was originally the ninth pick of the 2013 NBA draft, spending his first three seasons with the Utah Jazz.

Burke was the team's starting point guard his rookie season, making the All-Rookie First-Team. He was benched as a starter midway through his second season in favor of Dante Exum and exclusively came off the bench the rest of his time in Utah.

In three seasons with the Jazz, he played in 210 games, starting 111 of them. He averaged 12.1 points, 2.5 rebounds, and 4.2 assists, while shooting 39 percent from the field and 33.7 percent on three-pointers. He spent last season with the Washington Wizards coming off of the bench, playing 12.3 minutes per game.

Burke will compete with veteran Jarret Jack for the team's 15th roster spot, which will only be open the first 12 games as Joakim Noah serves his suspension. The Knicks also have veteran point guard Ramon Sessions and rookie Frank Ntilikina.