Update: It's now official, the team has parted ways with McHale:
The Minnesota Timberwolves today announced that the organization is parting ways with long-time basketball executive/head coach Kevin McHale. The NBA Hall of Famer spent 16 seasons with the Timberwolves organization in several different capacities, including VP of Basketball Operations and head coach.
“I would like to thank Kevin McHale for his many years of service to the Timberwolves organization,” said Wolves owner Glen Taylor. “When we hired David Kahn as our President of Basketball Operations, I gave him my full support to make an evaluation and decision regarding our coaching situation. I know that David made a careful analysis and this decision was made with the best interests of the Minnesota Timberwolves in mind. I will be forever grateful for the work Kevin did in returning to his home state and assembling a team that made eight straight playoff appearances. Kevin brought an enormous amount of basketball talent and passion to our organization and I wish him nothing but the best.”