I alluded to this a couple days ago here, but Darren Wolfson has come out with a much more solid piece on ESPN1500:

According to league sources, Wolves president of operations Flip Saunders has had a conversation with the Celtics about Garnett. Who initiated the talks, in whom the Celtics might have an interest on the Wolves and whether Garnett would waive his no-trade clause to come to Minnesota are unknown. One source characterized the talks as Saunders just doing his due diligence in the event that a new contract can't be worked out with restricted free agent center . Pekovic and Garnett are not mutually exclusive. In fact, it could be easy to see the two co-exist. But the source was adamant that Garnett was more of a contingency plan.

Again, this is basically a scenario just to cover the bases if Pek walks. Nothing impending here. I will say that the Wolves have also inquired about Paul Pierce, and I believe that the two are probably tied together in some way. Neither KG or PP would be all that thrilled to be here alone. But if they knew they could stick together on their new team....