Update: 4:05 p.m.
A move that many speculated would go down will be announced on Saturday.
The Sixers will send Thaddeus Young to Minnesota in a three-team trade, CSNPhilly.com's John Gonzalez confirmed Friday afternoon. The trade was initially reported by Jerry Zgoda of the Star Tribune and Adrian Wojnarowski of Yahoo! Sports.
The Sixers will receive guard Alexey Shved and forward Luc Mbah a Moute as well as a top-10 protected first-round pick from the Miami Heat.
The first-round pick from Miami is top-10 protected in 2015 and 2016. If the Heat happen to land in the top-10 in both of those years, the Sixers' compensation would become an unprotected first-round pick in 2017.
Shved ($3.2 million) and Mbah a Moute ($4.4 million) have expiring contracts and Sixers general manager Sam Hinkie loves to acquire assets in the form of draft picks.
Young will go to a Minnesota team that is reshaping its roster. The Timberwolves will send All-Star Kevin Love to Cleveland and will receive top overall draft pick Andrew Wiggins and the 2013 No. 1 pick, Anthony Bennett, according to reports.
There were discussions about the Sixers acquiring Bennett but the sides were unable to come to an agreement on that portion of the proposed deal, a league source indicated.
Young joined the Sixers as the 12th overall pick in the 2007 draft and has been the team’s longest-tenured player at age 25. When the deal goes through, the Sixers' longest-tenured active player will be Arnett Moultrie.
The T-wolves will be on the hook for the remainder of Young’s contract. His cap hit for the 2014-15 season is $9.4 million and he has a player option with an early termination clause for the 2015-16 season that would escalate his cap hit to $9.97 million.
CSNPhilly.com's John Gonzalez contributed to this report.