Sources close to the process told ESPN.com that Martin on Tuesday night has given the Wolves his verbal commitment that he will sign a four-year deal with the Wolves in the $30 million range later this month.
Teams and players can only reach verbal agreements until the league's annual moratorium on signings and trades is lifted July 10, but sources say Martin was swayed to leave the Thunder -- who were limited in what they could offer -- to reunite with Wolves coach Rick Adelman, under whom he emerged as an impact player in Sacramento.
The Timberwolves also agreed to a three-year, $16 million deal that includes a player option for the final season with Chase Budinger, two people with knowledge of the deal told The Associated Press.
Both players are intimately familiar with Adelman's corner offense, a system that is predicated on quick passing and moving without the ball. Martin played for Adelman in Sacramento and Houston before taking a bench role in Oklahoma City last season. He averaged 14.0 points and shot 42.6 percent on 3s last season and was looking for a chance to get back into a starter's role.
Yahoo! Sports first reported Martin's intentions.
Information from The Associated Press was used in this report.