Report: Kevin Garnett expected to announce retirement Friday

— -- Kevin Garnett is expected to announce his retirement from the NBA on Friday after agreeing to a contract settlement with the Minnesota Timberwolves, according to a report by the Star Tribune.

Garnett, 40, had one year worth $8 million remaining on his contract with the Timberwolves.

Drafted by the Wolves straight out of high school in 1995, Garnett was the face of the franchise for 12 seasons until his July 2007 trade to the Boston Celtics.

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Garnett won a championship in his first season with the Celtics, moved to the Brooklyn Nets via trade in June 2013, then returned to Minnesota in February 2015, when then-Wolves coach Flip Saunders convinced Garnett to waive his no-trade clause to clinch the storybook reunion.

ESPN's Marc Stein contributed to this report.