Evening News: Wolves re-sign Pekovic and close in on Brewer; Lakers bring back Farmar

Hello and welcome to the Evening News.

As free agency continues, we’ll keep you updated every evening.

What’s happening today?

Wolves re-sign Pekovic

Yahoo! Sports’ Adrian Wojnarowski reports that Nikola Pekovic, arguably the best remaining free agent available, will soon be off the market:

Minnesota, Nikola Pekovic getting closer on a four-year, $50 million contract extension, league sources tell Y! Sports.

— Adrian Wojnarowski (@WojYahooNBA) July 10, 2013 

In just his third season in the NBA, the 27-year-old averaged a career high 16.3 points and 8.8 rebounds.

A second round pick in 2008, Pekovic has blossomed into one of the league’s best centers. He led the NBA in points in the paint per minute in 2011-2012 and finished near the top of the list again in 2012-2013.

With Pekovic locked up and with Kevin Love coming back from a myriad of injuries, the Timberwolves anticipate to have one of the most physically imposing frontcourt tandems in the NBA.

Wolves also closing in on Corey Brewer

The active Timberwolves are not done for the day. ESPN’s Marc Stein reports that Minnesota is nearing an agreement with one of the league’s best perimeter defenders:

Hearing: Wolves closing in on three-year deal with coveted swingman Corey Brewer in $15 million range

— Marc Stein (@ESPNSteinLine) July 10, 2013 

Brewer was drafted 7th overall by the Timberwolves in 2007. After a somewhat disappointing three years with the team, Minnesota traded him to New York as a cap filler in the Carmelo Anthony trade.

Since then, Brewer has found his groove in the NBA. He was a valuable role player for the Mavericks in the 2011 Finals and has matured into an athletic lockdown defender for the Nuggets over the past two seasons.

While his three point shooting still needs improvement (he’s shooting .298% for his career), he has a propensity for making clutch plays and is a fantastic finisher on fast breaks.

Reports are surfacing that the Timberwolves will have to trade Luke Ridnour in order to create enough cap space to sign Brewer:

So both Corey Brewer and Kevin Martin, by day’s end, on course to be Wolves. Latest scenario calls for Bucks to take on Ridnour to help MIN

— Marc Stein (@ESPNSteinLine) July 10, 2013

Lakers sign Jordan Farmar

ESPNLosAngeles.com’s Dave McMenamin reports that the Los Angeles Lakers have come to terms with Jordan Farmar.

Farmar will sign a one year deal at the veteran’s minimum (approximately $1 million). The Lakers must first buy Farmar’s contract out from Anadolu Efes, his Turkish team. Fortunately for L.A., the buyout, which is expected to cost $500,000, will not count against their luxury tax.

Farmar signed a three-year, $10.5 contract with the Turkish team last summer after his contract was bought out by the Atlanta Hawks.

For Farmar, the opportunity to come back to the Lakers was too appealing to ignore:

“They knew about my deal overseas and really didn’t push it earlier because they didn’t think I’d be willing to give up that guaranteed money I had over there,” Farmar said in a phone interview with ESPNLosAngeles.com. “I wanted to be back in the NBA, but more importantly, back with the Lakers. This is the only situation I would have taken a minimum deal with.”

Farmar, 26, adds some needed youth and energy to an aging Lakers team. He will likely compete with Steve Blake for the backup point guard spot and will undoubtedly see some action as a spot up shooter off of the ball in Mike D’Antoni’s offense. In 2011-2012, his most recent season in the NBA, Farmar shot a career high 44% from three with the Nets.