The Minnesota Timberwolves today announced that the team has exercised the fourth-year option on guard/forward Corey Brewer and the third-year option on forward Kevin Love. The Wolves declined to extend forward Oleksiy Pecherov for next season.

“We are happy to extend Kevin and Corey for next season,” said David Kahn, Timberwolves President of Basketball Operations. “All of us have been impressed with the determination displayed by both players this summer to make themselves better players through conditioning, hard work and skill development. I believe both have the drive and desire to be special players in this league.

“As for Oleksiy [Pecherov], I spoke to him this morning that he should not interpret this decision as if Coach Rambis and I believe he has no future with our organization. Far from it. Because of our cap flexibility next season, we could re-sign Oleksiy next summer if it is in our mutual interests. He is a young player with potential, who is just seeing significant playing time for the first time in his career.”

Brewer, a third-year forward from Florida, appeared in just 15 games for the Wolves last season before suffering a season-ending knee injury on Nov. 29, 2008 vs. Denver. After averaging 5.8 points, 3.7 rebounds and 1.4 assists per game as a rookie, Brewer increased his scoring to 6.2 points per game last season and is averaging 12.3 points per game thus far in 2009-10.

Love, the fifth overall pick in the 2008 NBA Draft, appeared in 81 games for the Wolves as a rookie, averaging 11.1 points and 9.1 rebounds per game. His 29 double-doubles on the season were the most in the NBA among rookies and the most ever by a rookie in Wolves franchise history. Love averaged 12.5 points and a league-leading 11.5 rebounds per game in his four preseason appearances before breaking a bone in his left hand on Oct. 16 at Chicago.