A high-level source told Yahoo! Sports that Ricky Rubio will sign a six-year contract to remain in Spain.  The contract will give Rubio the ability to join the NBA after the 2010-11 season.

Timberwolves' GM David Kahn had been pushing to facilitate a deal that would allow Rubio to join the Wolves for the upcoming season.

But on Monday, Regal of Barcelona agreed to terms with Rubio after working out a buyout of Rubio's contract with DKV Jovenut.

A source briefed on the talks said David Kahn's continued presence in Spain could be taken as an indication that the odds of Rick Rubio coming to the Wolves next season had improved.

It has been six days since several Spanish media outlets reported an agreement was in place for Joventut to trade Rubio's rights to FC Barcelona for 3.7 million Euros ($5.28 million), and for Rubio to sign a six-year contract with an "affordable" buyout in 2011.

But a source told ESPN.com last Wednesday that "it's not over yet," and that remained the status quo heading into Monday.

Timberwolves general manager David Kahn, agent Dan Fegan and DKV Joventut president Jordi Villacampa had dinner together on Saturday night.

According to El Mundo Deportivo, Kahn made his final offer, but the status and details of it aren't known at this time.

"I'm very proud that the Wolves come to Spain to get me," Rubio told El Mundo.

The Pioneer Press is reporting that Minnesota owner Glen Taylor accompanied Kahn on the trip to Spain.

Reports indicate that the Wolves may have offered to play an exhibition game against Joventut in the fall of 2010.

Kurt Rambis has added Bill Laimbeer and Reggie Theus to his coaching staff in Minnesota, according to a league source.

Laimbeer resigned as the Detroit Shock's head coach and general manager in June after winning three WNBA titles in seven seasons.

Theus coached the Kings to a 44-62 record before being fired last winter 24 games into his second season.

Marca.com is reporting that Regal Barcelona is in the process of buying Ricky Rubio's contract from DKV Joventut for 3.7M Euros.  If the deal is completed, it will be the most expensive transfer in Spanish basketball history.

As part of a new six-year deal with Barcelona, Rubio will have the right to leave for the NBA after the second season, which suggests the No. 5 overall pick of the Timberwolves will play the next two seasons in Europe. The buyout would likely fall within the $500,000 cap set by the NBA.

Ricky Rubio may not have officially signed with Regal Barcelona yet.

Rubio could still play in Spain rather than the NBA next season, but reports out of the country on Wednesday may have been overstated, according to league sources.

"Ricky Rubio hasn't signed anything. Joventut hasn't accepted anything. It's not over yet," the source told ESPN.com.

The Spanish newspaper Marca said Regal FC Barcelona had agreed to pay Rubio's former team, DKV Joventut, $5.28 million U.S., for the rights to Rubio, who the Timberwolves took with the fifth overall pick in June's NBA Draft.

"Based on the information I have attained today, no team in any league has reached a deal with DKV Joventut concerning Ricky's buyout, which must be accomplished before Ricky is released from his contract with DKV Joventut," Minnesota general manager David Kahn said in a statement released by the team on Wednesday afternoon.

Ricky Rubio, the 5th pick of the Minnesota Timberwolves in this year's draft, has agreed to terms on a contract with Regal Barcelona.

The Spanish team will pay a buyout of 3.7 million Euros, approximately $5.3 million, to Rubio's previous team,  Joventut.

Rubio will sign a six-year agreement that contains an affordable buyout in 2011.

The Timberwolves will have a considerable amount of cap room this summer, which they could use to add a major free-agent around Al Jefferson.

"Expect David Kahn and the Wolves to add players around the cornerstone (Jefferson) along with point guards Jonny Flynn and Ricky Rubio," Jonah Ballow wrote on the team's web site.

Ballow goes on to write that he expects LeBron James and Dwyane Wade to stay with their teams, while Chris Bosh and Amare Stoudemire will hit the market.

RealGM Note: Minnesota currently has approximately $38.4M in salary obligations for the 10-11 season, but that can be reduced by several million if they decline team options on select players.

The Timberwolves are in need of a versatile small forward, and Rudy Gay could be a viable option.

Gay, who can become a restricted free agent next summer, might not be affordable for the Grizzlies.

The Pioneer Press writes that Ricky Rubio might be a trade chip, but there would be sizeable hoops to jump through in order to make that happen.

The Timberwolves are talking with Reggie Theus about becoming an assistant coach under Kurt Rambis, sources told Yahoo! Sports.

Theus has experience as the former head coach of the Kings.

"The T-Wolves are talking to ex-Kings coach Reggie Theus about an assistant coaching job on Kurt Rambis' staff, sources tell Y! Sports," Adrian Wojnarowski wrote on his Twitter page.