The Minnesota Timberwolves have extended a qualifying offer to Tyus Jones, according to a report from ESPN's Adrian Wojnarowski. As a result, the talented point guard will be a restricted free agent.

Chris Hine of startribune.com reports that Jones' deal is for one year and is seen as a formality before he fields potentially longer-term, more lucrative offers in free agency.

Jones, now 23 years of age, signed a four-year, $6.5 million deal with the Timberwolves in 2015. According to spotrac.com, he's slated to earn a base salary of $3,573,205 for the 2019-20 season, while carrying a cap hit of $7,332,159.

Though he spent most of his time as a backup, Jones would be a solid addition to just about any team. In his 68 appearances with the Timberwolves last season (23 starts), the former No. 24 overall pick racked up averages of 6.9 points on 41.5 percent shooting from the field (31.7 percent from beyond the arc), 4.8 assists, 2.0 rebounds and 1.2 steals in 22.9 minutes per outing.

Whether or not Jones will be with the Timberwolves in the coming season remains to be seen. Other teams will be able to make him an offer, but Minnesota will have the opportunity to match.