Report: Conley plans to sign with T-Wolves

Veteran guard Mike Conley plans to return to the Minnesota Timberwolves after the Charlotte Hornets waived him Thursday, sources told ESPN's Shams Charania.

The two sides are reportedly working on the timing of his re-signing, adds Charania.

Conley was traded to the Chicago Bulls on Tuesday in a three-team deal and rerouted to the Hornets the following day in the Coby White trade. The former No. 4 overall pick is eligible to sign with the T-Wolves because he's been traded twice.

Conley shifted to a backup role this season after being Minnesota's starting point guard for parts of three campaigns. The 38-year-old's play has declined significantly; he's averaging career lows in both points (4.4 per game) and field-goal percentage (32.2%).

Conley will likely have a more limited role after the T-Wolves acquired fifth-year guard Ayo Dosunmu from the Chicago Bulls.