NBA free agents could begin negotiating agreements with teams at 6 p.m. ET Sunday. Contracts can be officially signed July 6.
Rose had a career resurgence in Minnesota this past season.
After several injury-plagued seasons, the veteran point guard appeared in 51 games (13 starts) and was third on the Timberwolves in points per game (18.0) and second in player-efficiency rating (19.52), behind only All-Star Karl-Anthony Towns.
The highlight was the first 50-point game of his career, one he capped with a game-winning block against the Utah Jazz in late November. It left the 2011 MVP emotional afterward. "[It means] everything," he said then. "I worked my ass off. I did this for the franchise, the fans, the organization."
Rose enjoyed his best seasons with the Bulls under former coach Tom Thibodeau, and the two reunited in Minnesota when the point guard signed there in March 2018. But the reunion was short-lived; the Timberwolves fired Thibodeau in January.
Rose, who turns 31 in October, is entering his 11th NBA season (he sat out 2012-13 with a torn ACL). The three-time All-Star holds career averages of 18.8 points and 5.6 assists.