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NBA free agency: Timberwolves make formal offer to Nikola Pekovic, according to report

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The Timberwolves have formally offered Nikola Pekovic a multi-year contract. Pekovic, a restricted free agent, is expected to make a decision on the offer early in the week.

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The Minnesota Timberwolves have made a formal contract offer to restricted free agent Nikola Pekovic, according to Jerry Zgoda of the Star Tribune.

The offer was made on Friday and is said to be in the $12 million per year range over four years. Minnesota expects a decision on the offer early in the week.

If Pekovic decides to sign an offer sheet with another team, the Wolves have the right to match. However, there have been no such offer sheets and there aren't many teams left who have cap space to put forth a lucrative one. Pekovic could also decide to sign Minnesota's one-year qualifying offer and become an unrestricted free agent after next season.

In preparation for the Pekovic offer, as well as the soon-to-be signings of Kevin Martin and Chase Budinger, the Wolves waived center Greg Stiemsma and wing Mickael Gelabale on Sunday. Minnesota had until July 17 to waive Stiemsma's or his $2.7 million contract would be fully guaranteed for next season.

Pekovic averaged 16.3 points and 8.8 rebounds in 62 games last season.

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