The Minnesota Timberwolves have tendered qualifying offers to forward Jarred Vanderbilt and Two-Way guard Jordan McLaughlin. Both players will now be restricted free agents.

Vanderbilt had his most successful NBA season, as he finished his first full year with the Wolves. The 22-year-old forward played in 64 games and started 30 times. The Kentucky product averaged 5.4 points and 5.8 rebounds in 17.8 minutes per game.

McLaughlin completed his second Two-Way contract with Minnesota in 2020-21. He played in 51 games, mostly off the bench, for the Timberwolves in his second season out of USC. McLaughlin averaged 5.0 points and 3.8 assists in 18.4 minutes per game.

The Cleveland Cavaliers have agreed to acquire Ricky Rubio from the Minnesota Timberwolves for Taurean Prince, cash and a 2022 second round pick.

Rubio returned to the Wolves during the 2020 offseason.

The Cavaliers acquired Prince as part of the four-team James Harden trade.

The NBA's Board of Governors have approved Marc Lore and Alex Rodriguez as limited partners of the Minnesota Timberwolves.

Love and Rodriguez entered into a deal to purchase the Wolves from Glen Taylor earlier this year. Lore and Rodriguez will assume control of the franchise in two-and-a-half years.

The Philadelphia 76ers have opened up trade talks involving Ben Simmons and a number of teams are said to have expressed interest. 

According to Marc Stein of Substack, the Cleveland Cavaliers, Indiana Pacers, Minnesota Timberwolves, Sacramento Kings and Toronto Raptors have expressed interest in trading for Simmons. A number of other teams are expected to also join trade talks.

Simmons has four seasons at nearly $150 million remaining on his contract.

Simmons, who turns 24 this month, is a three-time All-Star.

The Dallas Mavericks, Miami Heat, San Antonio Spurs and Minnesota Timberwolves are among the teams expected to show interest in John Collins in restricted free agency.

Collins averaged 13.9 points, 8.7 rebounds and 35.7 percent 3-point shooting over 18 games in the playoffs.

The common perception around the league is that Collins increased his value during the Atlanta Hawks' playoff run. The Hawks are interested in keeping Collins. Tony Ressler said after the season that he hoped the team reached a “fair agreement” with Collins.

The Minnesota Timberwolves traded Andrew Wiggins and what became the No 7 pick for D'Angelo Russell. While the trade has had mixed results for the Wolves, they still "view Russell as a part of the core and want to keep it that way," sources tell The Athletic.

Russell signed a four-year, $117 million deal with the Golden State Warriors in 2019. Russell is owed $30 million for the 21-22 season and $31.4 million for the 22-23 season.

Russell averaged 19.0 points, 2.6 rebounds and 5.8 assists in 28.5 minutes per game.

If Ben Simmons becomes available in trade talks, sources tell The Athletic that the Minnesota Timberwolves will enter the bidding. Minnesota would potentially be a better fit for Simmons given the skill-set of Karl-Anthony Towns and Anthony Edwards.

The future of Simmons with the Philadelphia 76ers is unclear following the team's second round exit and his reluctance to shoot late in games. 

The 76ers considered trading Simmons as part of a package for James Harden in January.

Daryl Morey and Gersson Rosas worked together for many years in the Houston Rockets' front office, which could conceivably help the parties with trade talks.

Juancho Hernangomez dislocated his shoulder during an exhibition game against France and will miss the Tokyo Olympics.

"We are aware of the left shoulder injury suffered by Juancho Hernangomez while playing with the Spanish National Team," released the Timberwolves in a statement. "We are evaluating all information and will provide an update when available."

Hernangomez averaged 7.2 points and 3.9 rebounds for the Timberwolves this season.