Minneapolis, MN -- (Sports Network) - The Minnesota Timberwolves on Monday exercised their fourth-year option on guard/forward Corey Brewer and third- year option on forward Kevin Love.

"We are happy to extend Kevin and Corey for next season," said Timberwolves president of basketball operations David Kahn. "All of us have been impressed with the determination displayed by both players this summer to make themselves better players through conditioning, hard work and skill development."

In addition, the T-Wolves also declined to extend forward Oleksiy Pecherov for next season.

"As for Oleksiy, I spoke to him this morning that he should not interpret this decision as if Coach Rambis and I believe he has no future with our organization. Far from it," Kahn added. "Because of our cap flexibility next season, we could re-sign Oleksiy next summer if it is in our mutual interests."

Brewer, in his third year out of Florida, appeared in just 15 games last year before a knee injury ended his season. After averaging 5.8 points, 3.7 rebounds and 1.4 assists as a rookie, he has averages of 12.3 points per game through three tilts this season.

Love, the fifth overall pick in the 2008 draft, appeared in 81 games for the Wolves last season, averaging 11.1 points and 9.1 boards per game. His 29 double-doubles were the most in the NBA among rookies and set a franchise record for first-year players. However, he broke a bone in his left hand in a preseason game on October 16 and is expected to miss 6-to-8 weeks.