Via Twitter on Wednesday afternoon, the Minnesota Timberwolves President of Basketball Operations Flip Saunders announced the team has re-signed Nikola Pekovic.  

The 27-year old Pekovic averages 17.7 points and 9.5 rebounds in 36 minutes over the last three years with Minnesota.

Pekovic's contract is worth 60 million over five years with 8 million in potential incentives.

Pekovic was a restricted free agent before the Timberwolves finalized a deal on Wednesday.