Sources: Kevin Martin, Wolves buyout sent to league

— -- Kevin Martin and the Minnesota Timberwolves came to terms on a contract buyout in time to beat Tuesday's midnight ET deadline and keep him playoff-eligible for his next team, according to league sources.

Sources told ESPN.com that days of protracted talks between the sides ultimately resulted in an agreement that has been submitted for league approval and will position Martin to be pursued by a number of playoff-bound teams once he clears waivers later this week.

The San Antonio Spurs, as ESPN.com reported over the weekend, have already emerged as strong contenders to sign the veteran shooting guard.

But sources said late Tuesday that the Atlanta Hawks and the two other Texas teams -- the Dallas Mavericks and Houston Rockets -- have joined the Spurs in the Martin hunt.

Sources say the Spurs, though, have made a particularly strong pitch to the 33-year-old, whose agent, Dan Fegan, had to negotiate a complicated settlement of the player option on Martin's contract that was scheduled to pay him $7.4 million next season.

Martin has averaged 17.6 points in 30.5 minutes per game for his career and has long been regarded as a high-efficiency player with a propensity to get to the free throw line. He's also a lifetime .385 shooter from 3-point range.

Like former Wolves teammate Andre Miller, who signed with the Spurs after negotiating his own contract buyout last week, Martin has been used sparingly this season by the Wolves, who have fully focused on developing their young players in the wake of their inability to build on an 8-8 start.

Martin averaged 20 points per game as recently as last season, but the Wolves made the decision this season to emphasize minutes for youngster Zach LaVine and Shabazz Muhammad in addition to reigning rookie of the year Andrew Wiggins.