Before any offers can be constructed, the status of players on the team has to be looked at. Pending free agents (either restricted or unrestricted) cannot be traded. This takes Malik Beasley, Juancho Hernangomez, and Jordan McLaughlin out of the players available to be moved.
It is public knowledge that neither Karl-Anthony Towns nor D’Angelo Russell is getting traded. Those two are likely untouchable given how the organization values them. They take up a combined $60 million in 2020-21, which is roughly half of the salary cap.
After that, the main assets that the Timberwolves could use to acquire players through trade are Jarrett Culver, Jake Layman, Josh Okogie, James Johnson (assuming he accepts his player option), Minnesota’s 2020 first-round draft pick, and Brooklyn’s 2020 first-round draft pick.