Per The Athletic's Shams Charania, Deng will have a meeting with the Timberwolves within the next week.
Per ESPN.com's Adrian Wojnarowski and Ramona Shelburne, Deng agreed to give back $7.5 million as part of his buyout from the Lakers.
As part of the Lakers' plan to build for the future, Deng has only played in 57 games over the past two seasons. The 33-year-old's only appearance in 2017-18 came in the opener on Oct. 19 when he started for Kentavious Caldwell-Pope, who was serving a suspension.
Deng, 33, was named to the All-Star team in 2012 and 2013 with the Bulls.