Brandon Roy has reached a verbal agreement to join the Minnesota Timberwolves, according to multiple reports.

The Oregonian newspaper first reported the agreement. The two sides agreed to a two-year, $10.4 million deal, according to The Associated Press.

Roy can't officially sign with Minnesota until July 11.

Roy, a three-time All-Star, announced his retirement last season after five seasons with Portland because of chronic knee problems. The Blazers used the amnesty clause on the remaining $63 million of his deal to make him an unrestricted free agent. After sitting out the lockout-condensed season, Roy wants to try and resume his once promising NBA career.

The 27-year-old Roy has averaged 19 points, 4.3 rebounds and 4.7 assists in 321 games. He was the No. 6 overall pick in the 2006 draft by the Timberwolves but was traded to Portland for Randy Foye on draft night.

Former GM Kevin McHale's decision to make the deal haunted the franchise for years, as Roy emerged as one of the bright young stars in the league and one of the game's top closers while Foye languished through injuries and had difficulty making an impact before being traded to Washington in 2009.