Jimmy Butler has formally declined a four-year, $110 million contract offer from the Timberwolves, according to KSTP's Darren Wolfson.
"We offered him the extension and they met and came back to us and said that they're really appreciative of it ... but they declined it," Wolves owner Glen Taylor told Wolfson.
Butler's camp told Taylor that they want to wait until next year when Butler can sign a much larger contract.
Multiple reports previously indicated that Butler was planning to decline the offer.
One report – from Joe Cowley of the Chicago Sun-Times – said that Butler has no intention of signing any long-term extension with the Wolves because he's "fed up" with young players on the team, specifically Karl-Anthony Towns.
As for Karl-Anthony Towns, Taylor said they've offered him a maximum contract extension and he's "sure" Towns will sign it.