The Timberwolves intend to buy out the former No. 1 overall pick's contract after being unable to secure a trade partner to take him, a league source told ESPN's Chris Broussard.
The move would cut ties with the disappointing forward and top-of-the-draft bust just more than a year after Bennett was acquired from the Cleveland Cavaliers, and would give the Timberwolves an extra roster spot and added flexibility with the salary cap.
If he clears waivers, as expected, the 22-year-old Canadian, who was due $22.6 million over the final three years of his contract, would become an unrestricted free agent.
The news was first reported by Yahoo! Sports.
Bennett appeared in 57 games last season, averaging 5.2 points and 3.8 rebounds per game for the Timberwolves.