MINNEAPOLIS - Ricky Rubio’s Spanish pro team has agreed to trade his rights to Regal FC Barcelona in a deal that will prevent the 18-year-old point guard from joining the Minnesota Timberwolves for two years, according to two internet reports.

Yahoosports.com and ESPN.com cited anonymous sources in reports that said DKV Joventut informed Timberwolves vice president of basketball operations David Kahn on Monday night of the agreement, dashing the team’s hopes that Rubio would be in the United States this fall.

The Timberwolves selected Rubio with the fifth pick in the June draft. Kahn was aware that Rubio was under contract with DKV Joventut for the next two years and said he would be fine waiting for a season, or even two, before the prodigy comes to Minnesota.

But Kahn made three trips to Spain in hopes of negotiating down an $8 million buyout that would allow Rubio to join the Timberwolves this season, bringing some excitement and pizzazz to a team, and a ticket box office, that sorely needs both right now.

NBA rules limit the Timberwolves to contributing just $500,000 toward the buyout, meaning Rubio was on the hook for the remaining $7.5 million himself. The steep price tag has been the main reason for his hesitation to leave his homeland and realize his dream of playing in the NBA right away.

Under his agreement with the Regal Barcelona, according to the reports, is a stipulation that would allow him to leave after the 2010-11 European season without having to pay a buyout.

The Associated Press left messages for Kahn, who was in Spain, and Rubio’s agent, Dan Fegan, seeking comment.

Kahn has spent the last two months doing a dance with Joventut and Rubio’s agents to try and secure his services for the upcoming season, so this news no doubt comes as a disappointment.

But he covered himself nicely in the draft, selecting Syracuse point guard Jonny Flynn right behind Rubio with the No. 6 pick. At the time, the move raised eyebrows.

Two point guards?

Even new coach Kurt Rambis, who was hired earlier in August, wasn’t quite sure how the two would fit together in the same backcourt.

“It’s not going to be easy. Not necessarily from an offensive standpoint, but from a defensive standpoint,” Rambis said when he was hired. “But I do want to play them as much as possible, particularly this year so that they develop as quickly as possible.”

Now, provided Rubio stays in Spain until the 2011 season, the Timberwolves aren’t faced with having to give two young point guards heavy minutes.

They can hand the keys to Flynn, who excelled at the Las Vegas summer league, while Rubio gets two more seasons of development in one of Europe’s top professional leagues. Presumably, he will either drive his trade value higher as he matures so the Timberwolves can reap a windfall while staying with Flynn, or Rubio will join the rebuilding team in two years with more talent around him to allow him to flourish.

Since he was hired in May, Kahn has been open in his assessment that the Wolves’ rebuilding plan will take at least two years before they are in a position to compete for a playoff spot in the Western Conference. That, he has said, is why the team can afford to wait for a prospect that in June was called one of the most exciting point guards to enter the draft in years.

Slideshow   The Week in Sports Pictures The Giants on top of the football world, getting ready for the London Olympics and more. more photos

The Timberwolves hold his rights in the NBA as long as Rubio is playing professionally, so Rubio’s decision to stay in Spain rather than pay the buyout money himself doesn’t affect Kahn’s leverage in trade talks going forward.

Earlier this month Kahn reiterated his stance that he can “think of a lot worse things than we have to wait a year or two.”

Staying in Spain might save Rubio money in the short term, but it does have a negative financial impact for the long term. Coming to the United States in 2011 means he will have to wait another two years before he can become an unrestricted free agent and sign the lucrative second contract that players who produce covet.

Coming to the NBA this season, Rubio would sign a four-year deal worth more than $15 million. If he played the way many expect to him to, Rubio would be in position to sign a big-money extension that kicked in at age 23.

Now that deal, like the Timberwolves, will have to wait.

Also on NBCSports.com Beyond the Arc: No. 11 Mich. St. takes big step forward Chandler: Jeremy Lin was special even in 8th grade What NFC teams need this offseason  |  And AFC DeMarco: Dodgers could become a contender Follow us on Twitter: @NBCSports  |  And Facebook