Gomes was expected to sign the contract on Tuesday.
"He's excited and happy to be back and looking forward to starting with a lot of the new faces they have," said Gomes' agent Bob Myers.
Terms were not immediately available, but Gomes will soon join forward Craig Smith and guard Sebastian Telfair as players re-signed by the Wolves this month to join a new-look Minnesota core featuring Al Jefferson, Randy Foye, Rashad McCants, Corey Brewer and draft-night acquisitons Kevin Love and Mike Miller.
Assuming Love is ready to start alongside Jefferson right away -- and with the sharpshooting Miller poised to give the Wolves' much-needed dose of experience -- it would appear that Gomes is most likely to come off the bench with Smith, with McCants and Brewer in the mix as well.
"I think that around the organization there's a lot of optimism, and I think he feels the same way," Myers said.
Like Jefferson, Gomes arrived from Boston in July 2007 in the Garnett trade and -- as Jefferson did -- had the best season of his career statistically. In 82 games with the Wolves, Gomes averaged a career-best 12.6 points and 5.8 rebounds.
Earlier this week, before agreeing on a new deal, Gomes consented to join Brewer on a team promotional outing in Mankato, Minn., hometown of Wolves owner Glen Taylor.
"In a few years, this is going to be a special team," Gomes told the Minneapolis Star-Tribune last week.
Marc Stein is the senior NBA writer for ESPN.com. To e-mail him, click here. The Associated Press contributed to this report.