UPDATE 2:30 p.m. AFTER TODAY'S PRACTICE:
Wolves coach Tom Thibodeau said after practice that a final decision hasn't been made, but called Stephenson "one of the guys we're strongly considering. He's one of the guys we're taking a good, long hard look at."
Thibodeau said they considered signing Stephenson last summer and knows him well from when Thibodeau coached Chicago and Stepheson played for Indiana.
"I'm pretty familiar with him from the time he played in the same division," he said. "He has shown he has been a very good player in this league."
LaVine was lost for the season during Friday's game at Detroit and will need surgery to repair a torn ACL.
Asked about potentially adding Stephenson, Wolves forward Andrew Wiggins said, "That would be good. He's a proven vet, good player, good playmaker. I feel like he could help us out."
Rookie Kris Dunn practiced today and Thibodeau said he is making progress toward a return after he has missed the last three games because of a hand injury sustained in a fall against Orlando last week.
Asked how close Dunn is to playing, Thibodeau said, "That's a great question. He was better today. Hopefully there will be more improvement tomorrow...Once he is comfortable enough to do all the things that are necessary for him to play, he'll play."
END POST-PRACTICE UPDATE
With starting shooting guard Zach LaVine out for the season, the Timberwolves will add veteran Lance Stephenson to a 10-day contract.
Stephenson still must take a physical exam and the paperwork for the signing probably won't be done for him to join the team in time for practice this afternoon.
Yahoo!Sports first reported the signing.
Still just 26, Stephenson is signing with his six team in seven NBA seasons and gives the Wolves another scorer now that LaVine is headed toward surgery to repair a torn ACL. Point guard Kris Dunn also has missed the last three games because of a bruised hand.
Stephenson played six games and averaged 9.7 points with New Orleans this season after playing 69 games with the Clippers and Memphis last season.
He was one of four players who worked out for Cleveland last week and no doubt is a talented NBA scorer who also comes with his own behavorial baggage.
He starred for the Pacers in the 2013 playoffs, helping them push mighty Miami to seven games in the Eastern Conference finals and the next season, he lead the NBA in triple doubles and memorably blew into LeBron James' ear during a playoff game in an attempt to unnerve the game's greatest player.
Just three years later, he has been looking for work most of this season.
The Wolves have had an open roster spot since they waived John Lucas III more than a month ago.
"We're always looking and if something makes sense, we'll add on," Wolves coach and president of basketball operations Tom Thibodeau said before Monday's home loss to Miami. "We like where we are in terms of our flexibility and what we can do. We're looking at everything right now."