Minnesota Timberwolves guard Mike Conley Jr. has agreed on a two-year, $21 million contract extension, agents Steven Heumann and Jess Holtz of CAA Basketball told ESPN on Monday.

The deal keeps Conley -- a significant stabilizing presence on the Western Conference's No. 1 seed -- out of summer free agency and under contract through the 2025-26 season.

Conley has played an immense role in the Timberwolves' rise into the Western Conference elite, arriving in a trade deadline deal with Utah in February 2023. He instantly provided leadership and consistent point guard play to a team desperate for it.

Conley reunited with Rudy Gobert in Minnesota and has helped bring together the considerable talents of Anthony Edwards, Karl Anthony-Towns and Gobert. The Timberwolves are 37-13 when Conley plays this season and 2-3 when he's out.

Conley is shooting 44% on 3-pointers this season, the best of his career. He's also recorded a 59% effective field goal percentage, the best of his career. Conley also ranks second in assists-to-turnover radio in the league, trailing only Washington's Tyus Jones.

ESPN Stats & Information contributed to this report.