The Timberwolves may cut a former No. 1 pick and it would cost them $5.8 million

The Minnesota Timberwolves are trying to buy out the $5.8 million contract of former no. 1 pick Anthony Bennett after failing to move him in a trade, Adrian Wojnarowski of Yahoo! Sports first reported.

Bennett, who was selected first overall in the 2013 NBA draft by the Cleveland Cavaliers and traded to Minnesota in 2014 with Andrew Wiggins in exchange for Kevin Love, has struggled to make an impact so far in the NBA.

He's currently listed at 6th or 7th on the T'Wolves front court depth chart, and reportedly drew little interest from other teams as Minnesota tried to offload him in a trade.

Although he has not amounted to much thus far in his career, Bennett isn't done in the NBA yet. His agents are reportedly trying to get the Timberwolves to buy out his $5.8 million contract so that he can sign elsewhere in the league.

Wojnarowksi reports that the Portland Trail Blazers and Philadelphia 76ers are the two most likely destinations, as both teams have enough cap space to sign him. The Cavaliers and Utah Jazz are also potential landing spots for Bennett, but less likely.