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Reports: Timberwolves to re-sign Derrick Rose, prepare new Jimmy Butler contract

Free agency opened at 11 p.m. Saturday.

The Timberwolves are moving quickly after the opening of the free agency period on Saturday night, moving to bring back Derrick Rose and reportedly working on a package to tie down Jimmy Butler.

The only official move confirmed by the Wolves on Saturday was the decision to waive center Cole Aldrich after two years with the team.

But ESPN's Adrian Wojznarowski reports that the Wolves have reached an agreement with former MVP Derrick Rose that will keep him in Minnesota for another year.

The Athletic's Jon Krawczynski reports the contract is worth just under $2.4 million.

Rose was reunited with former Chicago Bulls coach Tom Thibodeau and Jimmy Butler in March when the free agent signed with the Wolves.

Speaking of Butler, Minnesota is said to be working on a new contract for the team's star player that will keep him with the Wolves for another 4 years.

The New York Times' Marc Stein reports that the Wolves have informed Butler they will offer him an extended contract in the $110 million range.

Such an offer however would be below what the Wolves are paying Andrew Wiggins, who last year signed a 5-year deal worth $150 million.

While new contracts can be agreed now, they can't officially be completed until Friday per NBA rules.

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