The Minnesota Timberwolves are declining to guarantee Taurean Prince's $7.4 million contract for 2023-24, sources told ESPN's Adrian Wojnarowski.

Prince will become a free agent.

The move puts Minnesota $15.6 million below the luxury tax, according to ESPN's Bobby Marks.

Prince, 29, averaged 8.1 points per game in his two seasons with the Wolves.

He has averaged 10.4 points and 3.7 rebounds in 424 career games (222 starts) for four teams in his career, including the Atlanta Hawks (2016-19).

The Utah Jazz selected Prince No. 12 in the 2016 draft but traded him to the Hawks two weeks later as part of a three-team trade.

Reuters contributed to this report.