The Toronto Raptors will sign former No. 1 overall pick Anthony Bennett, an industry source confirmed to Sportsnet’s Michael Grange.

Bennett will sign for the league minimum and the deal will be finalized soon.

The Toronto, Ont. native became an unrestricted free agent after clearing waivers Friday afternoon.

The Raptors have already signed Luis Scola and Bismack Biyombo this off-season in order to boost their depth up front after veteran forward Amir Johnson signed a free-agent deal with the Boston Celtics.

The Minnesota Timberwolves officially bought out Bennett earlier this week after both his representatives and the team didn’t see a role for Bennett in an improved frontcourt.

The 22-year-old averaged 5.2 points, 3.8 rebounds and 0.3 blocks per game in 57 games with Minnesota last season.

The Timberwolves originally acquired Bennett as part of the Kevin Love trade that landed the franchise No. 1 overall pick Andrew Wiggins.