Utah will receive the 26-year-old Rubio, who averaged 11.1 PPG and 9.1 APG last season, and send Oklahoma City's 2018 first-round pick, protected from No. 1 to No. 14, to Minnesota.
He shot a solid 36 percent from three-point range last season, but doesn't exactly fill the defensive shoes that Rubio will leave behind in Minnesota.
They Jazz are looking to bolster the roster with hopes of convincing All-Star free-agent Gordon Hayward to return and build off last season's playoff run.
The 26-year-old Spanish worldwide finished the 2016-17 season with averages of 11.1 points, 4.1 rebounds and 9.1 assists per game. The Bulls had said Rondo would probably be back, but he became expendable when they acquired Kris Dunn from Minnesota in the Butler trade on draft night.
The Jazz have been cycling and cycling in search of a long-term answer at point guard, and this move only continues that process rather than resolving it.
The Timberwolves, who are clearly trying to contend now, will be in search of a point guard.
The Wolves were desperate to add shooting from the point guard position and his skill-set is unneeded with their pair of ball dominant wings in Jimmy Butler and Andrew Wiggins, who operate at a deficiency with their own shooting.
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A person with direct knowledge of the deal says the two sides agreed to the move on Friday, hours before free agency opened.
In total the Wolves have nine players (including the eventual signing of Patton) under contract, with three unrestricted free agents: Omri Casspi, Adreian Payne, and Brandon Rush, and one restricted free agent, Shabazz Muhammad. Teague and Lowry, though, should be the first two on the list and it's been reported that Jimmy Butler has already started recruiting Lowry to Minnesota.
Blake Griffin was in line to be one of the most pursued players in free agency.
If Teague does end up signing with Minnesota, it would be on a 3-year deal worth $55 million, per Marc Stein.
Rubio is also affordably signed for two more seasons at $14.25 million and $14.95 million.
Rubio was drafted in 2009, but did not come over from Spain until 2011, electrifying a stagnant franchise with his enthusiasm and no-look passes while also suffering through losing season after losing season.
The Utah Jazz are coming off an impressive 2016-17 season and are now in the midst of a crucial offseason. Cap space is an asset, and the Timberwolves wouldn't have had that cap space without dealing Rubio.