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.