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The contract includes $1 million in possible incentives, a source said.
Rubio, 24, will make nearly $14 million a season for the Wolves, a package comparable to Eric Bledsoe’s five-year, $70 million extension with the Phoenix Suns.
"I am really thrilled," Rubio wrote in an email to Yahoo Sports. "I couldn't be happier. They showed they believe in me and I'm up for the challenge. I want to lead this young team."
Agents Dan Fegan and Jarinn Akana completed the deal with Minnesota officials late on Friday afternoon.
The T'wolves are counting upon Rubio to be the cornerstone of their franchise as they transition from the post-Kevin Love era to a young core centered on rookie Andrew Wiggins.
Rubio is one of the NBA’s most dynamic passers and playmakers, and there’s a sense he’s finally reached a full recovery from a torn anterior cruciate ligament he suffered two years ago.
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