The Timberwolves agreed weeks ago to send Love, a power forward, to Cleveland where he will team up with forward LeBron James and point guard Kyrie Irving. The Cavs will become the instant favorite in the Eastern Conference.
The majority of the terms for the three-team deal involving the Wolves, Cavs and 76ers were agreed to on Aug. 8.
According to reports, the Wolves will receive guard Wiggins, 2013 No. 1 pick and forward Anthony Bennett, Young and a trade exception believed to be worth at least $4 million that they can use to acquire a player in the next year without being strapped by salary-cap rules.
ESPN reported that the Wolves are expected to surrender a future first-round pick along with the expiring contracts of Luc Richard Mbah A Moute and Alexey Shved to the Sixers for Young, who has two seasons left on his deal valued at $19.4 million.
The three teams are expected to announce the trade Saturday after completing a trade call with the league office.
Sources told ESPN.com that the Wolves -- as part of a separate transaction with Philadelphia or by expanding their planned deal with the Cavaliers into a three-team trade -- are already operating under the premise they are acquiring Young from the Sixers as Love's replacement.
The Sixers tried to get Bennett as part of the Young transaction, sources told ESPN, but Minnesota was determined to keep the second-year forward to be a key piece in its rebuilding effort despite Bennett's disappointing rookie season with Cleveland.