The 33-year-old Beverley has been playing in the final season of a three-year, $40 million contract, meaning the new agreement will take him through the 2022-23 campaign.
After arriving to the T-Wolves in an off-season trade, Beverley has made a significant impact on the court during Minnesota's rise in the Western Conference standings this season. The veteran guard has averaged nine points, 4.9 assists, 4.4 rebounds and 1.1 steals for the Timberwolves.
Paired with their young roster, the Timberwolves value Beverley's toughness and vocal leadership. Minnesota has a 30-27 record and sits seventh in the West.
In 506 career NBA games with the Rockets, Clippers and Timberwolves, Beverley has averaged 8.8 points, 4.3 rebounds, 3.5 assists and 1.1 steals.