The Minnesota Timberwolves are hitting the market ... and none other than NBA legend Kevin Garnett is part of an investment group gunning to buy the team.

Billionaire owner Glen Taylor -- who has owned the team since 1995 -- confirmed Tuesday he's listening to offers to sell the team ... saying he is "seriously considering" all his options, according to The Athletic's Jon Krawczynski and Shams Charania.

KG -- the best T-Wolves player of all time -- is part of a group of investors who are "seriously interested" in placing a bid for the team, the report says.

Remember, Garnett absolutely HATES Taylor ... and it stems from a promise he made with the late Flip Saunders about taking a front office or ownership role with the team.

KG says the businessman broke his promise after Saunders died by bringing in Tom Thibodeau instead ... and brought up his issues with the owner back in April.

"I don’t do business with snakes," KG told Shams at the time. "I don’t do business with snake motherf***ers. I try not to do business with openly snakes or people who are snake-like."

Of course, Taylor had intended on putting KG's #21 up in the rafters at the Target Center ... which the hooper rejected until Taylor was no longer owner of the team.

Depending on who gets the team ... it may be time for that ceremony after all.