According to Darren Wolfson of 5 Eyewitness News, Timberwolves owner Glen Taylor said Butler turned down a four-year extension in the $110 million range.
Wolfson added that Butler appreciated the offer but knew it made more sense financially to wait until next summer when he can cash in even more—barring serious injury.
This comes less than two weeks after Joe Cowley of the Chicago Sun-Times reported Butler has no intentions of signing an extension with the organization because he "has been frustrated with the nonchalant attitudes of younger teammates—specifically Karl-Anthony Towns."
On Thursday, Cycle's Thomas Duffy pointed out that the Minnesota guard liked an Instagram comment that suggested he and Boston Celtics star Kyrie Irving team up with the New York Knicks next summer.
Butler is under contract for $18.7 million next season and holds a $19.8 million player option for the 2019-20 season, per Spotrac. When asked about his star's reported unhappiness, Minnesota head coach Tom Thibodeau sidestepped the question.
"We know how important Jimmy is to the team," Thibodeau said Monday, per ESPN.com's Nick Friedell. "But we don't talk about contract negotiations or anything like that, so just get ready for the season."
Butler had another solid performance in his first year in Minnesota, averaging 22.2 points on career-high 47.4 percent shooting while adding 5.3 rebounds and 4.9 assists per game. His strong play earned him a fourth consecutive All-Star nod.
Teaming Butler with former No. 1 overall picks Towns and Andrew Wiggins figured to make the Timberwolves a force in the Western Conference. However, the T-Wolves had to fight to the wire to make the playoffs as the No. 8 seed, and the Houston Rockets eliminated them in the first round.
Now, Minnesota will have to determine how it will handle Butler as he enters his walk year. The team can hope that he turned down this offer strictly for financial purposes and try to re-sign him next summer, or it can explore his trade market over the next few months so it doesn't risk losing him for nothing in free agency.