The Wizards and Timberwolves have agreed in principle to a trade involving Washington’s No. 5 pick in Thursday’s draft, a league source told SI.com.

The Wizards will receive Randy Foye and Mike Miller while the Timberwolves will get the No. 5 pick, Etan Thomas, Darius Songaila and Oleksiy Pecherov.

That would give the Wolves the Nos. 5 and 6 picks.

What do they do with those?

David Kahn has said he wants another high pick but doesn’t want to give up No. 6 to get it, but I’ve heard is he’ll send those two picks to Memphis for No. 2, which the Wolves would use to pick Ricky Rubio.

That would allow the Wolves to keep Al Jefferson and Kevin Love together and still keep those Nos. 18 and 28 picks for now.

From ESPN:
The Washington Wizards are close to a deal that would send the No. 5 pick in Thursday’s draft, Oleksiy Pecherov, Etan Thomas and Darius Songaila to the Minnesota Timberwolves for Randy Foye and Mike Miller, a league source told ESPN The Magazine’s Ric Bucher on Tuesday.

The Wolves would then keep the draft pick and their own selection at No. 6 and not try to package those to move up, a source told ESPN.com’s Andy Katz.
The deal would be finalized on Wednesday, in advance of the draft, another source told Katz.
UPDATE:
YahooSports’ Adrian Wojnarowski first reported the news here, and I have now been able to confirm with two sources that the agreement is in place, but that the paperwork won’t be finalized until tomorrow morning.