The Wolves today reached agreement with free-agent small forward Corey Brewer on a contract and with Milwaukee on a cap space-clearing trade that will send Luke Ridnour to the Bucks, two league sources said.
The deals won't be finalized until both players take physicals, like on Thursday.
The Wolves agreed with Brewer on a three-year, $15 million deal that will bring him back to the team that drafted him in 2007. To make room on their cap, Ridnour will go back to Milwaukee, where he played before signing with the Wolves, with no salaries coming back to Minnesota.
Also on Wednesday, Yahoo!Sports reported the Wolves were getting closer to a four-year, $50 million deal to sign Pekovic, but I'm told by a source with knowledge of the negotiations tonight that the Wolves are no closer to a deal and still are waiting to hear back on an offer they made last Friday.
The Brewer deal might include a player option for the third year, but I'm waiting to hear if that discussion was part of the final deal.
The Wolves also are expected to execute a sign-and-trade with Oklahoma City for Kevin Martin to clear cap space needed to make room for Brewer's $5 million salary.
The Wolves were planning to introduce Martin at a 9 a.m. news conference Wednesday, but postponed it while they worked to align all their salary-cap moves while they negotiated with Brewer on a contract and the Bucks on a trade that would clear Ridnour's $4.3 million salary and make room for Brewer's contract under the league's newly announced $58.7 million salary cap.
The Wolves need to line up the trades with the Thunder and Bucks and the signings of Martin and Brewer under the cap before they go over the cap by signing new deals with their own players, Pekovic and Chase Budinger, in a delicate dance of cap rules and numbers.
The Thunder would receive a $7 million trade exception for one year as part of their deal to sign and trade Martin to Minnesota.
ESPN.com first reported a deal had been reached with Brewer and the Wolves were trading Ridnour to make it possible under the cap.