Kevin Garnett has one year remaining on his contract with the Minnesota Timberwolves valued at $8 million.

Garnett missed the final 37 games of the season due to a leg injury but he continued to be with the team in a mentoring role.

"I pride myself on being loyal," said Garnett. "I think I've proven that by coming back home to finish my career. I need to see how the next few weeks turn out to truly understand if everyone has that same loyalty. Then I will know what my future holds."

Glen Taylor has been actively seeking to sell 30 percent of the franchise to a group led by private equity investor Steve Kaplan and just hired Tom Thibodeau as the Wolves' new coach and president of basketball operations in a five-year deal valued at an estimated $40 million.

Talks between Taylor and Kaplan are ongoing.

Before Garnett was traded to the Wolves in February of 2015, Adrian Wojnarowski reported Garnett could become a minority owner and consultant with the franchise once he retires.

The Minnesota Timberwolves have announced the team has agreed to terms with Tom Thibodeau as President of Basketball Operations and Head Coach, and Scott Layden as General Manager. Per team policy, terms of the agreements were not released.

“We are extremely excited to welcome Tom Thibodeau back to the Timberwolves,” said Timberwolves owner Glen Taylor. “Through this process we quickly identified Tom as the best leader to shape our talented team and help them realize their full potential. Tom’s resume speaks for itself. He is a proven winner, leader and one of the most well-respected NBA head coaches over the last decade. His teams have annually been among the league leaders in defense and we are excited about the approach and mentality he will bring to that side of the ball. The future of the Minnesota Timberwolves has never been brighter and we are very pleased to have Tom as our basketball operations leader moving forward.

“Scott Layden brings over 30 years of experience in the NBA to his new role within our organization, including several years in basketball operations leadership positions with Utah, New York and most recently San Antonio. His decades of front office experience will be integral as we head into an extremely exciting time for our organization. In getting to know Scott, he has impressed me with his not only his basketball acumen, but also his character and integrity. Tom and Scott will work in concert together in shaping our roster moving forward. We are confident this partnership gives us the best chance possible of winning an NBA title.”

A veteran of over 25 seasons as an NBA head coach and assistant coach, Thibodeau’s teams have advanced to the postseason in 19 seasons, including three trips to the NBA Finals (1999, 2008, 2010).

According to Marc Stein of ESPN, Thibodeau will earn approximately $8 million per season and Layden will earn approximately $2 million.

Thibodeau released the following statement about joining the franchise:

"I started my NBA career with the Minnesota Timberwolves and it is an incredible opportunity to rejoin the organization at a time when they have what I believe to be the best young roster in the NBA. Together with a great owner in Glen Taylor and a terrific basketball partner in Scott Layden, I look forward to building a winning culture that Minnesota sports fans can be proud of."

The Minnesota Timberwolves are finalizing a five-year deal with Tom Thibodeau to become President of Basketball Operations and head coach with Scott Layden joining as general manager.

Thibodeau was fired by the Chicago Bulls last offseason and has taken the 15-16 season off.

Layden is the assistant general manager of the San Antonio Spurs.

Layden was previously general manager of the New York Knicks from 1999 until 2003 before being replaced by Isiah Thomas.

The Wolves' job is one of the most attractive on the market with the presence of Karl-Anthony Towns and Andrew Wiggins.

Glen Taylor had been eyeing Thibodeau for months and wanted to setup his front office with the head coach in charge.

Marc Stein reports the final structure of the deal is expected to pay Thibodeau approximately $8 million per year with Layden earning more than $2 million.

The Minnesota Timberwolves will interview Mark Jackson for their head coaching vacancy.

The Wolves have also spoken with Tom Thibodeau and Jeff Van Gundy.

Glen Taylor has interest in hiring a head coach who also run the front office.

The Golden State Warriors parted ways with Jackson in 2014 and he immediately returned to broadcasting with ESPN.

With a determination to have full control of an organization, Tom Thibodeau is aggressively pursuing the job with the Minnesota Timberwolves.

Thibodeau would like to have final say on player personnel, organizational philosophy and hirings. Currently, that is only being offered by the Wolves.

Thibodeau is willing to consider other jobs without full control if he doesn't get it with the Wolves.

Minnesota ownership is completing its meetings with Thibodeau and Jeff Van Gundy on Monday and is expected to move quickly in making an offer.

The Minnesota Timberwolves interviewed Tom Thibodeau over the weekend and will meet with Jeff Van Gundy on Monday.

Glen Taylor is interested in hiring a head coach who will also manage the front office, similar to the setup Stan Van Gundy has with the Detroit Pistons.

The Wolves previously had Flip Saunders in the role before his passing last year.

The Minnesota Timberwolves have set meetings with Tom Thibodeau and Jeff Van Gundy.

Glen Taylor will be a part of the interviews that will include the executive firm Korn Ferry, which has been coordinating the search.

Korn Ferry played a major role in the hiring of Stan Van Gundy as the top basketball executive and coach with the Detroit Pistons.

The presence of Karl-Anthony Towns and a promising young core around him makes the Wolves' job one of the most attractive on the market.

Kevin Durant endorsed Scott Brooks to get another chance as an NBA head coach.

Brooks was fired last season by the Oklahoma City Thunder and he's now a candidate for the Washington Wizards, Minnesota Timberwolves and Sacramento Kings.

“I can’t keep saying it enough, Scotty did a great job with us,” Durant said. “It’s nothing against him, but it’s different. Different plays, different schemes, different terms and what we want to do on both ends of the floor.”

Durant talked about how Brooks coached last season with a limited roster due to injuries.

“In Coach Brooks’ defense, he didn’t have me, Russ, Enes, Serge, Dion and A-Mo all on the court at the same time,” Durant said. “Obviously when you have more scorers out there, your numbers are gonna be up.

"That just shows we've got multiple guys out there that can put numbers on the board and we've been doing it at a high level this year.”

Sam Mitchell has been relieved of his duties as head coach of the Minnesota Timberwolves.

Mitchell served as interim head coach this season following the passing of Flip Saunders.

The Minnesota Timberwolves will target several elite coaches available on the market, but they haven't ruled out bringing back Sam Mitchell.

Jeff Van Gundy, Tom Thibodeau and Scott Brooks will also be targeted.

With the emergence of Karl-Anthony Towns, the Wolves' job will be one of the most attractive in the NBA.

Glen Taylor has engaged with a search firm to gauge the potential for giving a coach full autonomy and letting him build out the front office. Taylor has been intrigued by what Stan Van Gundy has done with the Detroit Pistons.

Mitchell has the support of Wolves veteran Kevin Garnett, whose endorsement does have impact with Taylor.