The Minnesota Timberwolves today announced that the team has exercised the fourth-year option on guard/forward Corey Brewer and the third-year option on forward Kevin Love. The Wolves declined to extend forward Oleksiy Pecherov for next season.

“We are happy to extend Kevin and Corey for next season,” said David Kahn, Timberwolves President of Basketball Operations. “All of us have been impressed with the determination displayed by both players this summer to make themselves better players through conditioning, hard work and skill development. I believe both have the drive and desire to be special players in this league.

“As for Oleksiy [Pecherov], I spoke to him this morning that he should not interpret this decision as if Coach Rambis and I believe he has no future with our organization. Far from it. Because of our cap flexibility next season, we could re-sign Oleksiy next summer if it is in our mutual interests. He is a young player with potential, who is just seeing significant playing time for the first time in his career.”

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Great to hear that we've locked up two of our key pieces for another season. Too bad we didn't pick up Pecherov though, but maybe that's why he's putting up such great numbers, because he's playing for a contract.