Rubio will make $14 million per year as the Timberwolves transition away from Kevin Love-influenced teams toward a core group of younger players, Wojnarowski writes.
The contract extension comes two years after Rubio suffered a torn ACL, from which he has had a protracted recovery.
Rubio notched 36 minutes, seven assists and 12 points on 5-of-12 shooting in the Timberwolves' season-opening loss to the Grizzlies in Memphis. The next night he tallied 29 minutes, eight assists and 11 points on 4-of-10 shooting in a home victory against the Detroit Pistons.
In four seasons in the league, Rubio has averaged 8.1 assists, 10.2 points and 37 percent shooting in 32 minutes per game. The 2013-2014 season is the only one of his four in which he has played all 82 games.
On Saturday, the Timberwolves host the Chicago Bulls in Minnesota.