Minnesota Timberwolves center Naz Reid intends to sign a new five-year, $125 million contract to stay with the franchise, sources told ESPN on Friday.

The deal includes a player option in 2029-30, sources said.

This marks a critical re-signing agreement between the Wolves and Reid’s agents, Sean Kennedy and Jeff Schwartz of Excel Sports. Contracts cannot be officially signed until July 6.

Reid declined a $15 million player option for next season and chose to stay with Minnesota despite a vibrant market developing of teams interested with similar money but with starting roles.

The 2023-24 Sixth Man of the Year, Reid had another strong season coming off the bench for Minnesota, averaging a career-high 14.2 points and 6.0 rebounds in 27.5 minutes per game. In 17 games as a starter, he averaged 18.3 points and 9.0 rebounds.

Reid, 25, has been a crucial part of a Timberwolves team that has made the Western Conference finals in back-to-back seasons, helping to stretch the floor as a prolific 3-point shooter. He was one of just three forward/centers to average at least 5.8 3-point attempts per game last season, along with Kristaps Porzingis and Victor Wembanyama, and has shot 39.5% from long range over the past two seasons.

Reid also is one of three players to score 2,000 points off the bench over the past three seasons.

He signed a three-year, $42 million deal in 2023 with a player option this summer. He has spent his entire six-year NBA career with the Timberwolves after joining the team in 2019 as an undrafted free agent out of LSU.

ESPN Research contributed to this report.