According to Pat Graham and Dave Campbell of the Associated Press, Afflalo's group includes "two to five individuals with a net worth of more than $10 billion" and is planning to submit an offer to T-Wolves owner Glen Taylor no later than this weekend.
Per ESPN, Taylor said Tuesday in a statement that he would "entertain opportunities" when it comes to the sale of the team under the condition that the winning bidders don't move the Timberwolves out of Minneapolis.
Venture capitalist Brock Berglund is reportedly leading the financing of Afflalo's group, while Afflalo would serve as the face of the group.
Jon Krawczynski and Shams Charania of The Athletic reported Wednesday that former T-Wolves superstar Kevin Garnett was "working feverishly" to put an ownership group together.
According to ESPN, Garnett took to Instagram to write: "I'm part of one of the groups trying. Lawd please let my group get this."
Graham and Campbell noted that Minnesota Vikings owners Zygi and Mark Wilf were recently contacted to gauge their interest in buying the Timberwolves. They reportedly had talks, but those talks aren't active.
The 34-year-old Afflalo spent 11 seasons in the NBA from 2007-18 with the Detroit Pistons, Denver Nuggets, Orlando Magic, Portland Trail Blazers, New York Knicks and Sacramento Kings.
In 762 career regular-season games, Afflalo averaged 10.8 points, 2.9 rebounds and 1.8 assists. The rugged perimeter defender also appeared in 35 playoff games, averaging 6.0 points, 1.7 rebounds and 1.2 assists.
Prior to getting selected 27th overall in the 2007 draft by the Pistons, Afflalo enjoyed a fine collegiate career at UCLA. He averaged 14.8 points, 3.5 rebounds and 1.9 assists per game in his three seasons with the Bruins and helped lead them to the Final Four in both 2006 and 2007.
Per Spotrac, Afflalo earned $58.7 million during his NBA career.