Jim Mone, File, Associated Press
The agent for point guard Andre Miller says his client is finalizing a buyout agreement with the Timberwolves. Miller says the buyout will allow the 39-year-old veteran to join a team that is contending for the playoffs.

MINNEAPOLIS — The agent for point guard Andre Miller says his client is finalizing a buyout agreement with the Minnesota Timberwolves.

Andy Miller says the buyout will allow the 39-year-old veteran to join a team that is contending for the playoffs. Andre Miller must be waived by March 1 to be eligible to play in the postseason.

The Timberwolves signed Miller in the offseason to help mentor the team's young guards. Miller played in just 26 games this season and hasn't played since the All-Star break. The Wolves have given rookie Tyus Jones playing time at point guard behind Ricky Rubio.

The buyout will give the Wolves an open roster spot to sign another player if they choose.

This story has been corrected to say Miller must be waived by March 1 to be eligible for the postseason.