Sources: Orlando Magic executive Matt Lloyd to be Minnesota Timberwolves' senior VP of basketball operations

Orlando Magic executive Matt Lloyd has agreed to become senior vice president of basketball operations for the Minnesota Timberwolves, sources told ESPN on Friday.

Lloyd, who spent a decade with Orlando as assistant general manager and VP of basketball operations, is the first significant hire by Timberwolves' president of basketball operations Tim Connelly.

Connelly left the Denver Nuggets with a directive to bring organizational stability and playoff success to the Timberwolves, and Lloyd is believed to be the first front-office executive that he targeted to help him in the process.

Lloyd -- who built a strong resume in player evaluation and deal-making with teams and agents -- will play a substantial role with Connelly in running the franchise's basketball operations. Lloyd spent his first 13 years in the NBA with the Chicago Bulls, working his way from public relations to basketball operations, where he played a role in several successful draft classes.

Lloyd joins a front office that already includes executive VP of basketball operations Sachin Gupta and assistant GM Joe Branch, among others.