The Bulls also gave Sacramento the 16th overall pick in this year's draft.
Butler learned of the trade in the middle of the night in Paris, where he is traveling with a group of National Basketball Association players, including Oklahoma City Thunder guard Russell Westbrook. He played for the Timberwolves head coach Tom Thibodeau for four seasons when Thibodeau coached in Chicago.
The deal marks the start of a rebuilding process in Chicago, and it comes a year to the day that the Bulls traded former MVP Derrick Rose to the Knicks.
Butler averaged career highs in points (23.9), rebounds (6.2) and assists (5.5) in his sixth season. And in January, Butler and Dwyane Wade questioned the team's effort.
On the flip side, Chicago's loss is Minnesota's gain. Despite a spirited effort, the Bulls were eliminated by the Boston Celtics in the first round of the Eastern Conference playoffs.
Butler and Thibodeau remained tight despite Thibodeau's departure. You're getting a guy who can score a lot of different ways. Rubio is a terrific distributor and one of the best defenders at the point guard position. Their defensive issues were often effort-related, and the two former No. 1 picks were two of the biggest culprits on the roster when it came to focus and energy on that end of the floor. He's tough. He practices hard. It will also be interesting to see how the Timberwolves utilize the No. 16 pick and what type of player they look to add. Butler immediately makes this roster look like not only a playoff team, but potentially a contender sooner than later.
The Bulls lose an All-Star in Butler, but get two talented guards and a nice pick in an unusually deep draft.
Thibodeau was able to acquire Butler without giving up Andrew Wiggins.
Markkanen, who played only one year in Tucson, was expected to be a top-10 pick after his record-breaking season.
"I'm confident we'll get something", Pritchard told reporters in Indianapolis on Friday.
The first trade of NBA Draft night. He tore the ACL in his left knee against the Pistons last February and has been rehabbing the injury since. He averaged 3.8 points on 38 percent shooting in 17.1 minutes per game. He averaged 15.6 points and 7.2 rebounds while shooting 42.3 percent from 3-point range in his lone season at Arizona.