League sources told ESPN, the Minneapolis Star Tribune and the St. Paul Pioneer Press on Tuesday that Minnesota is sending guard Jarrett Culver and forward Juancho Hernangomez to the Grizzlies in exchange for Beverley.
The teams have yet to confirm the agreement.
Once the deal is finalized, the Timberwolves will get Beverley's toughness and leadership for their young roster. T-Wolves president of basketball operations Gersson Rosas has a relationship with Beverley after their time together with the Houston Rockets.
The 33-year-old Beverley was a fan favorite in Los Angeles due to his defensive prowess and hustle. The veteran guard, however, was limited to just 37 games last season because of injuries.
Beverley spent the past four years of his NBA career in Los Angeles, averaging 7.5 points and 3.2 rebounds per game in the 2020-21 campaign. He lost his starting job to guard Reggie Jackson during the Western Conference playoffs.
In nine seasons with the Rockets and Clippers, Beverley averaged 8.8 points, 4.3 rebounds and 3.4 assists over 468 regular-season games.
The Grizzlies, meanwhile, will add Culver, who was the sixth overall pick in the 2019 draft. The 22-year-old guard averaged 5.3 points and 3.1 rebounds in 34 games last season.
Hernangomez, 25, averaged 7.2 points and 3.9 rebounds in 52 games last season.