When Kevin Garnett reports to training camp Thursday, he'll have outdone himself on the megadeal front.

The Timberwolves are expected to announce as early as Wednesday that Garnett has signed a five-year contract extension that is thought to be worth more annually that his current deal, which averaged out to $21 million per year over six years.

Garnett will be paid $28 million this season, the final year of the deal. His $126 million contract was the biggest in NBA history at the time and the ignition point for change in the NBA's economic landscape.

The star forward is limited to a five-year extension -- unless he waited to play out his existing contract. If Garnett waited until summer, he could sign for seven years with the Wolves or six years with another club.

Garnett's extension was reached in a one-on-one meeting Tuesday with owner Glen Taylor, the Chicago Sun-Times reported, citing a source close to the organization. An extension had been discussed for two years.