Jim Mone, Associated Press
Houston Rockets' Chandler Parsons, left, watches as Minnesota Timberwolves' Kevin Love puts a lay up in during the first half of an NBA basketball game Monday, Jan. 23, 2012, in Minneapolis.

MINNEAPOLIS — A person familiar with the situation says Kevin Love has agreed to a four-year contract extension with the Minnesota Timberwolves worth between $60 million and $62 million.

The deal includes a player option in the final year. The person described the agreement to The Associated Press on Wednesday on condition of anonymity because the deal had not been officially announced.

The All-Star power forward and the team faced an 11 p.m. CST deadline to sign an extension. If not, he would have become a restricted free agent this summer.