Shabazz Muhammad and the Minnesota Timberwolves are reportedly finalizing a new contract, according to Adrian Wojnarowski of ESPN. 

Wojnarowski reported Muhammad will sign for the veteran minimum of $1.6 million and his Bird Rights with Minnesota will be restored making a long-term deal a possibility.

Muhammad, 24, had an up-and-down season for the Minnesota Timberwolves, averaging 9.9 points and 2.8 rebounds per game while shooting 33.6 percent from beyond the arc. 

Muhammad declined to sign a contract extension during the season and the addition of Jimmy Butler made it questionable if he would return, as he potentially faced an even smaller role on the wing this upcoming season behind Butler and Andrew Wiggins.

The added depth he'll add for the team is huge, however, as Bleacher Report's Ian Kenyon noted:

Muhammad showed improvement for the Wolves last year and seemed to grow in Tom Thibodeau's system. He's still young and clearly has the upside to become a solid player in the NBA. He averaged double-digit points between 2014-16 and brings energy and intensity to the wing.

If he can improve his three-point shot (33.6 percent from beyond the arc last year) and continues to improve his defensive consistency, he has the ability to be a major contributor off the bench.