Talks had reportedly progressed to the point where medical information was being shared, and team owners were brought into the discussion.
Previous reports indicated the Timberwolves' preference that several of the Heat's blue-chip assets be included in a Butler trade - namely, Bam Adebayo, Josh Richardson, and a 2019 first-round pick. The Miami Herald's Barry Jackson reports that the Heat players short listed by Minnesota also includes Goran Dragic, Kelly Olynyk, and Justise Winslow.
The presumed likelihood that Minnesota would come to an agreement with the Heat has caused other potential suitors to back off, Wojnaroski reports.
Butler has been linked with several teams. The Los Angeles Clippers, one of the three landing spots Butler initially preferred, were reportedly in talks with Minnesota, along with the Houston Rockets.