Taylor has been in discussions with Timberwolves legend Kevin Garnett about a potential sale, as well as other groups.
Wilf has been the Vikings' principal owner since 2005. A real estate developer by trade, he purchased the NFL team alongside five investors for about $600 million.
Taylor is looking for at least $1.2 billion in a sale, but also wants to ensure the Timberwolves remain in Minnesota under the next owner. Wilf is no stranger to such a scenario, as he purchased the Vikings when their future in the Twin Cities appeared in doubt. He kept the club in Minnesota, though relocation rumors did resurface before he secured government financing for a new football stadium.
Wilf's brother, Mark, and cousin, Leonard, both of own stakes in the Vikings. They serve as the team's president and vice chairman, respectively.
Taylor may not pick a buyer until September, according to Schefter.