Casspi had been expected to miss the season after breaking his thumb last month during his debut for the New Orleans Pelicans after joining from the Sacramento Kings.
The Pelicans immediately released him so they could sign another player.
The Israeli star has recovered faster than expected and will be encouraged by the large number of NBA teams that enquired about his availability.
Casspi, 28, had been expected to sign for one of the teams in the final 16 playoff looking to strengthen their squad, but the Timberwolves look unlikely to make the cut with only 13 games remaining over the next month.
No details have been disclosed about Casspi's contract, which may include a bonus over the remainder of the $6 million two-year deal he signed with the Kings in 2015, which expires in the summer.
It is believed that the Timberwolves are eager to sign Casspi on a new two-year deal, and the Israeli will decide on the matter over the next month.