"Taking everything into consideration, we just though it was best to wait another day," Thibodeau said after the game, per Timberwolves radio announcer Alan Horton.
Thibodeau added Butler is "real close" to getting back and that there's a chance he could play Friday against the Los Angeles Lakers.
According to NBA.com, the Timberwolves have a minus-5.1 net rating without Butler. When he plays, Minnesota's net rating climbs to 7.8.
Thursday's loss dropped the Timberwolves to eighth in the Western Conference, and they have the same record (44-35) as the ninth-place Nuggets.
However, only one game separates the Timberwolves from the fifth-seeded San Antonio Spurs, so winning their final three games could mean avoiding a first-round matchup with the Houston Rockets or Golden State Warriors.