The Timberwolves released a statement regarding the news:
Adrian Wojnarowski of The Vertical reported earlier Miller's agent, Andy Miller, said the 17-year veteran was finalizing a buyout with the Timberwolves so he could sign with a playoff contender.
Miller appeared in just 26 games for the Timberwolves this season, averaging a career-low 3.4 points and 2.2 assists per game.
Assuming Miller does sign elsewhere, this will mark the third consecutive season in which he has played for multiple teams.
Josh Eberley of Hoops Habit speculated that Miller could have a difficult time finding much interest from playoff contenders:
It's possible that Miller and/or his agent have been shopping his talents around to contenders, hoping to find some nibbles, in an effort to ensure that something will come when he leaves Minnesota. Yet what is Miller bringing to the table?
Miller hasn't played since Feb. 10 against the Toronto Raptors, being held scoreless in just under 11 minutes on the court. He is a capable shooter in limited minutes, hitting over 62 percent of his attempts this season, so teams seeking a No. 2 point guard who can score might take a shot.
Depth is something every playoff contender seeks at this time of year, so Miller may catch on as he seeks his first appearance in the postseason since 2014 with the Washington Wizards. It's just not clear right now where his future destination lies.