Kevin Garnett will return for a 21st NBA season on a two-year contract, according to a league source with knowledge of an agreement that's been considered mostly a formality for weeks.
Like the three-year deal the Wolves and Nemanja Bjelica agreed to, Garnett's deal can be signed according to NBA rules starting on Thursday.
The agreement likely has a provision that Garnett will move into a managerial role with the team if he is not healthy enough to play the 2016-17 season.
Garnett will join Robert Parish and Kevin Willis as the only players to play 21 NBA seasons.
The Wolves also signed first-round picks Karl-Anthony Towns and Tyus Jones to contracts, formalities given the NBA's slotted rookie pay scale.
On the day the team traded for Garnett back in February, Wolves owner Glen Taylor said the move wasn't made for merely the season's remaining six weeks but that he expected Garnett to play another season and quite possibly two more.
Garnett played just five games after that late February trade because of what the team called knee issues. Coach/basketball boss Flip Saunders said late in the season that Garnett's caution with his body was a sign that he intended to return to play a 21st pro season.
Saunders often has praised Garnett's veteran influence on a team filled with young players and credited his presence for the way Andrew Wiggins and Zach LaVine finished the season strong.