It was reported in August that the Timberwolves wanted to include Barea in their trade with the Philadelphia 76ers that saw Minnesota receive forward Thaddeus Young in exchange for Luc Richard Mbah a Moute, Alexey Shved and a first-round pick.
At the time, it was said the Timberwolves would try to buy out Barea's deal if they couldn't complete a trade with him.
Barea averaged 8.4 points and 3.8 assists last season for Minnesota in his third season with the team after signing as a free agent in December 2011. He spent the previous five seasons with the Mavericks, helping them win the NBA championship in 2011.
Barea's best season with Dallas came in the championship year, as he averaged what were then career highs of 9.5 points and 3.9 assists per game.
The 30-year-old also played professionally for several seasons in his native Puerto Rico before entering the NBA.
The Timberwolves open the 2014-15 season Wednesday at the Memphis Grizzlies.
- Ben Estes