The Wolves announced the agreement in the fourth quarter of a 90-79 loss to the Los Angeles Lakers on Tuesday night. Curry came with forward Anthony Randolph to Minnesota from the New York Knicks in a trade for Corey Brewer last week.
The Wolves also got $3 million in cash in the deal, which will cover the cost of Curry's buyout. Curry was waived before the midnight deadline, which means he is eligible to participate in the playoffs if he signs with another team.
Timberwolves President David Kahn jumped in as the third team in a deal that also included the Denver Nuggets last week. Taking Curry helped the Knicks match up enough salary to bring Nuggets star Carmelo Anthony to New York.