3:38pm: The Wolves have officially announced their decision to decline Kahn's '13/14 option (Twitter link).
2:53pm: The Timberwolves have parted ways with general manager David Kahn, electing not to pick up his 2013/14 option, reports Jon Krawczynski of the Associated Press (via Twitter). The news comes on the heels of an NBA.com report that indicated the Wolves were expected to hire Flip Saunders to replace Kahn's as the team's head of basketball operations. According to Krawczynski, Saunders' deal should be made official by Friday (Twitter link).
Although Kahn made a handful of solid moves running the T-Wolves over the past four seasons, including drafting Ricky Rubio and hiring Rick Adelman, he had his fair share of missteps as well. Passing on Stephen Curry to draft Jonny Flynn in 2009, overpaying Darko Milicic to a long-term deal, and electing not to sign Kevin Love to the five-year extension Love had been seeking are a few of Kahn's lowlights.
As for Saunders, he had been representing a group interested in buying the T-Wolves from Taylor, with Darren Wolfson of 1500 ESPN Twin Cities (Twitter link) hearing from a source last week that perhaps Saunders' hiring means Taylor is closer to selling the franchise. Wolfson adds today (via Twitter) that Saunders has been asked about making a financial investment in the franchise in addition to assuming the team's presidency.
According to Steve Aschburner of NBA.com, Saunders has been negotiating a contract that could run through the 2017/18 season and be worth more than $9MM, if option years are exercised. Details of that contract are being finalized, says Krawczynski.