The Bulls are officially over..

The Minnesota Timberwolves have an agreement in principle to acquire three-time All-Star Jimmy Butler from the Chicago Bulls, sources told ESPN's Marc Stein.

Butler has been told of the deal, ESPN reported.

The Wolves are also getting the No. 16 overall pick in Thursday night's draft.
2017 NBA draft

The Sixers made Markelle Fultz the No. 1 overall pick. How is the rest of the draft playing out? We've got analysis from Chad Ford and other ESPN Insiders.

The Bulls, meanwhile, will acquire guards Kris Dunn and Zach LaVine as well as the No. 7 overall pick Thursday night, which was used to select 7-footer Lauri Markkanen.

Dunn was last year's No. 5 overall pick, and LaVine, who averaged 18.9 points last season before suffering a torn ACL, was the No. 13 pick in 2014.

Markkanen is the first Finnish-born player drafted in the lottery. His 69 3-pointers last season were the most by a 7-footer in college basketball in the past 20 seasons, according to ESPN Stats & Info.

The trade means a reunion for Butler and Wolves head coach Tom Thibodeau, who coached the Bulls for five seasons before being fired in 2015. Butler, 27, gives Thibodeau the tough-minded scorer and hard-nosed defender that he has been searching for to complement a promising young core. Butler averaged 23.9 points, 6.2 rebounds and 5.5 assists last season and has made the All-Defensive second team three times.

When Thibodeau was hired as team president and coach last summer, he quickly set his sights on bringing Butler to Minnesota. The two sides engaged in serious discussions on draft night last year, nearly reaching a deal that would have included LaVine and Dunn -- whom the Bulls were very high on coming out of Providence -- for Butler.

The deal could not quite be completed, and Butler went through a frustrating season with the Bulls, who brought in Dwyane Wade and Rajon Rondo in hopes of squeezing some more immediate success out of the group.

Thursday's move represents the first significant steps toward an overhaul for the Bulls. Despite a spirited effort, the Bulls were eliminated by the Boston Celtics in the first round of the Eastern Conference playoffs. Wade opted in for the final year of his contract but that isn't stopping Chicago from pivoting to a new, younger nucleus that includes LaVine, Dunn and Denzel Valentine.

The Associated Press contributed to this report.