The Wolves have agreed to sign Martin to a four-year deal in the $30 million range via sign-and-trade from the Oklahoma City Thunder.
The deal will at least create a trade exception for the Thunder -- along with draft considerations -- after they failed to hang on to Martin, the most accomplished player Oklahoma City acquired in last October's controversial James Harden trade.
The Timberwolves, sources say, also have agreed to a trade that will send veteran guard Luke Ridnour and his $4.3 million expiring contract to Milwaukee to create the needed salary-cap space to sign Brewer to a three-year deal in the $15 million range.
Martin, 30, averaged 14.0 points while shooting 42.6 percent from 3-point range last season for the Thunder. The 27-year-old Brewer averaged 12.1 points last season with the Denver Nuggets.