5:48pm: The Timberwolves have also traded Brad Miller and two second round picks to the Hornets for a future second round pick, the team announced today.
4:15pm: The Timberwolves have released Martell Webster, according to Adrian Wojnarowski of Yahoo! Sports (via Twitter). Webster's contract for 2012/13 was only partially guaranteed, so most of his $5.7MM salary will come off Minnesota's books. Assuming he clears waivers, Webster will become an unrestricted free agent and can sign with any team.
A move involving Webster had been expected, given all the other moving parts involved in Minnesota's summer roster management. The Timberwolves had reportedly been looking to trade the 25-year-old, but it seems the team was unable to find a palatable deal. It's believed that Webster's partial guarantee for 2012/13 is worth $600K, so the move should clear about $5.1MM in cap space.
Jerry Zgoda of the Star Tribune predicts (via Twitter) that Webster's release isn't the last move the Timberwolves will make today, and speculates that perhaps Brad Miller could be next.
