According to ESPN, owner Glen Taylor and his cohorts presented the Miami Heat with an amended version of a transaction they had previously agreed upon, ending the talks in the 11th hour of deliberation.
It's unclear what Minnesota wanted in return for the 29-year-old Butler, but Miami felt the Timberwolves' asking price wasn't worth it for him.
Talks were reportedly so advanced that Jimmy Butler was already prepping for a medical examination as is the custom in the latter stages of National Basketball Association trade talks. The talks could re-start, but the breakdown means it will likely take more time for the Wolves to deal Butler and the ambiguity around his status could remain into the regular season.
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Thibodeau has said Butler's situation is "fluid" and has repeated many times over the last few weeks that he will make a deal as long as a good deal materializes.
In July, Butler reportedly turned down Minnesota's four-year extension offer worth $110 million.
Butler has been away from the team since being given permission to skip media day and has been rehabbing from offseason surgery on his right hand.