The Wolves have reached an agreement in principle with the Memphis Grizzlies that sends the draft rights to Mayo, Marko Jaric, Antoine Walker and Greg Buckner to the Grizzlies in return for the draft rights to Kevin Love, Mike Miller, Brian Cardinal and Jason Collins.
The blockbuster deal for both teams wasn't completed until past 2 a.m. ET, some two hours after Boston made the 60th and final pick of the draft, according to The Associated Press.
ESPN.com reported on Tuesday that Wolves GM Kevin McHale was infatuated with Love, but felt that the team had to select Mayo and use him to acquire more assets. Love, a fundamentally-sound post player, should mesh well with the Timberwolves' budding star Al Jefferson.
In addition to landing Love, the Wolves get a sharpshooting swingman in Miller who can help carry the scoring load from the perimeter. The deal is also a financial boon for the Timberwolves, who get the bad contract of Jaric (three years, $21 million) off the books. Walker's and Buckner's contracts are not guaranteed after this season.
Roy went on to become rookie of the year in 2006-07 and an All-Star last season, while Foye has struggled with injuries while showing promise as a floor leader and playmaking perimeter threat.
The Grizzlies get the superstar they wanted in the backcourt in Mayo. They also rid themselves of Cardinal's bad contract (two years, $13 million). The Grizzlies now have a glut of guards on the team with Mayo, Mike Conley, Kyle Lowry and Javaris Crittenton.
Chad Ford covers the NBA for ESPN Insider. Information from The Associated Press was used in this report.