Jaden McDaniels agreed to a one-year, $40 million extension with the Minnesota Timberwolves on Monday night.

The deal will keep McDaniels under contract through the 2029-30 season.

McDaniels will be eligible to negotiate another extension starting in 2028. He could also enter free agency in 2030 as a 10-year veteran.

McDaniels originally signed a five-year, $136 million deal in 2023.

The 26-year-old averaged 14.8 points and 4.2 rebounds during last year's regular season. McDaniels then averaged 16.3 points in the playoffs.