Tim Connelly has agreed to become President of Basketball Operations of the Minnesota Timberwolves on a five-year, $40 million deal with a kicker for ownership equity.

Connelly will leave the Denver Nuggets with Calvin Booth expected to replace him.

The Wolves had targeted one of the NBA's leading decision-makers for the role over the past few months.

The Nuggets tried to keep Connelly, but their offer was dramatically lower than Minnesota's. Only a handful of top league executives have ownership equity as part of their deals.