The agreement reunites Gibson and Tom Thibodeau, who coached the 32-year-old from 2010 to 2015 while both were in Chicago. Gibson will also be playing with former Bulls teammate Jimmy Butler, who was traded to the Timberwolves last month.
The Oklahoma City Thunder had acquired Gibson at the trade deadline last season (along with Doug McDermott) in a deal that sent Cameron Payne, Anthony Morrow and Joffrey Lauvergne to the Bulls. In 23 games (16 starts) for the Thunder, Gibson became an important pick-and-roll piece, finding chemistry with Russell Westbrook almost instantly.
Gibson was a mainstay in Chicago for his first seven NBA seasons, becoming a fan favorite who was known for his professionalism and work ethic. One of the league's most impactful bench players, he had his best season in 2013-14, averaging 13.0 points and 6.8 rebounds in 82 games while finishing second in Sixth Man of the Year voting.
Specializing in defense and physicality, Gibson averaged 10.8 points and 6.2 rebounds in 78 games last season. He holds career averages of 9.4 points and 6.3 rebounds in 585 games.
Gibson expressed a desire to return to Oklahoma City, but he also was candid about wanting an extended contract as he enters the later years of his career.
Information from ESPN's Royce Young was used in this report.