Minnesota is sending guards Zach LaVine and Kris Dunn to the Bulls, as well as the number seven pick in this year's draft in return for the three-time all-star. Arizona big man Lauri Markkanen was ultimately drafted seventh overall.
Butler averaged 23.9 points, 6.2 rebounds, and 5.5 assists last season. He played for the Timberwolves head coach Tom Thibodeau for four seasons when Thibodeau coached in Chicago.
By getting Dunn, the number five overall pick in the 2016 draft, the Bulls are hoping they have found the point guard of the future.
Dunn averaged just 3.8 points over 17.1 minutes per game last year.
LaVine averaged 18.9 points per contest in 2016, and is a career 38 percent three-point shooter. He tore his ACL in February.