If they are able to agree on a buyout, Martin would become a free agent and would be available to sign with a team in playoff contention – provided the sides can get a deal done before March first.
Martin has averaged 10.7 points per game and is making nearly 37 percent of his three-pointers this season. But he hasn't seen consistent playing time lately, especially with Zach LaVine getting more minutes as the two guard. Martin played just four minutes during Minnesota's Wednesday night loss at Toronto.
Despite his reduced playing time, Timberwolves owner Glen Taylor tells the Star Tribune the team hasn't been in buyout talks with Martin, but added that he'd be "open" to that if Martin's side made a proposal.
"I'm not pursuing that," Taylor said. "You always need some guys with experience who can shoot threes."
If his contract is not bought out, Martin could exercise a $7.4 million option for next season – money the Wolves could otherwise use to add a free agent in the offseason.
Martin was thought to be a possible target at the trade deadline, but Minnesota wasn't able to find an adequate trade partner.
But now that he's a potential buyout candidate there appear to be plenty of suitors looking to add a 33-year-old three-point shooting specialist.
According to Hoops Rumors, the Mavericks, Cavaliers, Hawks, Heat and Thunder are also potential destinations for Martin, depending upon where veteran Joe Johnson lands.