The Wolves rid themselves of one contract, signed a new player and took a significant step in re-signing a key player of their own Wednesday.

The Timberwolves announced the signing of former Wolf Corey Brewer, most recently of the Denver Nuggets. The 27-year-old swingman averaged 12.7 points per game last season and pulled down 2.9 rebounds per game. The deal is reportedly worth $15 million over three years.

To free up salary cap space, the Wolves traded Luke Ridnour to the Milwaukee Bucks. The Wolves' compensation has yet to be determined, but it is unlikely Minnesota will take back any salaries in the deal.

Finally, the Wolves appear to be on the verge of re-signing center Nikola Pekovic to a four year, $50 million contract. The big man in the middle average 16.3 points and 8.8 rebounds per game last season.