5:05pm: The team has officially signed Hayward to a 10-day contract, according to Mark Remme of NBA.com.
12:00pm: The Timberwolves are expected to re-sign Lazar Hayward to a 10-day contract, assuming he clears waivers later today, reports Kent Youngblood of the Star Tribune (via Twitter). Hayward was released by the Wolves on Sunday.
Hayward, who was playing on a non-guaranteed deal, was cut before his contract became guaranteed for the season. The T-Wolves will have the option of keeping him around for 20 more days (two 10-day contracts) before deciding whether or not they want to sign him for the remainder of the season.
The 26-year-old, who was acquired by the Timberwolves on draft night in 2010, was traded to the Thunder before the 2011/12 season, and then sent to the Rockets in the James Harden deal before the 2012/13 season. The Wolves scooped Hayward back up after he was released by the Rockets.