The Minnesota Timberwolves and star forward Kevin Love have agreed to a four-year contract extension worth between $60 million and $62 million, beating Wednesday's midnight ET deadline.

Love had originally sought a five-year deal but backed off that request and instead insisted that the final year of a four-year deal would be at his option.

Sources close to the process told ESPN.com that the All-Star forward was determined to have the ability to opt out and become an unrestricted free agent after three seasons if he didn't like the direction of the team.

That means Love will have the right to become an unrestricted free agent in summer 2015 if the Timberwolves, who haven't made the playoffs since 2003-04 and are last in the Northwest Division, don't become a consistent winner.

Love said Timberwolves owner Glen Taylor and president of basketball operations David Kahn did not want to offer the five-year deal to the All-Star power forward.

"Did I want the five years? Of course," Love said on a conference call from Dallas, where the Timberwolves were scheduled to play the Mavericks on Wednesday night. "It was something I felt strongly about, but at the end of the day, a four-year deal is still great."

"I like the direction the team is headed," Love said. "I like the youth. I like the pieces, like we're knocking at the door and we're close in a lot of games."

Before the deal was announced, a post on Love's verified Twitter page hinted that it was all but complete: "To #twolves fans: I'll be in Minnesota for 4 more years! Excited to see you when I get back to Minneapolis."

Love was eligible for the same five-year, $80 million extension that the Oklahoma City Thunder awarded guard Russell Westbrook last week.

But the Wolves, sources said, refused all month to budge on their offer and give Love a fifth year, which would have made him Minnesota's "designated player." Based on the NBA's new collective bargaining agreement, every team is allowed to have one "designated player" who receives a five-year maximum extension on his rookie contract.