Chase Budinger and the Timberwolves reached a three-year, $16-million agreement on Tuesday, according to Yahoo! Sports.
USA Today's Sam Amick reports the third year of the deal is a player option.
Jerry Zgoda reports that the deal shouldn't impact the $7-million the Wolves have to use on a shooting guard in free agency.
According to FOXSportsNorth.com, the Bucks, Lakers and Pelicans were also interested in Budinger.