The Minnesota Timberwolves and forward Anthony Bennett have officially parted ways as reported by NBA.com. Initially, Yahoo! Sports have reported that the two sides will agree on a contract buyout; instead, the Timberwolves have waived the former first overall pick.

General manager Milt Newton released a statement about the move, saying that both sides will be moving on. "In speaking with Anthony and his representatives over the past few days, we came to the conclusion that this was the best outcome for both parties. When you look at our team, our deepest position is probably power forward. This move balances out our roster while also allowing Anthony another opportunity in the NBA. He has a lot of talent and his play this summer internationally made this a difficult decision for us," Newton said via NBA.com.

"During his short time here Anthony has carried himself with class and represented the franchise in a very professional manner. We thank him for his positive attitude and wish him the best of luck in his future endeavors," he added.

A separate report from NBA.com noted that Bennett was drafted first overall by the Cleveland Cavaliers in 2013, surprising many people. He had a forgettable rookie season before being traded to Minnesota in the Kevin Love deal. ESPN Stats & Info reported that the 22-year-old had the worst career averages among number one picks since 1966, having averaged 4.7 points while shooting 39.3 percent and -0.1 win shares.

Darren Wolfson of 1500 ESPN Twin Cities tweeted earlier this month that the Toronto Raptors are interested in the Toronto-native. According to the National Post, the Raptors only have 14 guaranteed contracts and adding Bennett will cover their hole at the power forward position. The Raptors has Luis Scola, Patrick Patterson, and James Johnson battling for minutes, per NBA.com.

ESPN reports that the Philadelphia 76ers and the Portland Trail Blazers are also interested in the services of the 6'8'' forward, with the Blazers as the frontrunners in signing him after he clears his waiver. Marc Stein wrote, as quoted by ESPN, "Growing suspicion around league is that Anthony Bennett will wind up in Portland where his Team Canada coach Jay Triano is an assistant."

"Blazers' preference would naturally be signing Bennett after he clears waivers but Portland not only has the cap space to claim him. Blazers are also nearly $13 million below league's salary floor, so claiming Bennett off waivers certainly wouldn't punish them financially," Stein added.

Canadian National Team coach Jay Triano has nothing but praise for the 22-year-old Toronto native as he coached him during the Pan-Am and FIBA Americas Tournament. "I think Anthony Bennett's summer has been absolutely fantastic for us. He's engaged in everything that we do on the floor, off the floor," Triano told the Toronto Sun.

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