The Minnesota Timberwolves have waived Greg Stiemsma and Mickael Gelabale to create salary cap space to sign Kevin Martin and Chase Budinger while re-signing Nikola Pekovic.

The Wolves are also trying to trade J.J. Barea or Luke Ridnour to balance their depth chart and create additional space.

The Wolves had until July 17 to waive Stiemsma or fully guarantee his $2.7 million contract with the club.