From Jon K of the Athletic:
The Timberwolves have indeed extended the qualifying offer for Nemanja Bjelica, sources tell @TheAthleticMIN. Thibs hinted they would earlier today
— Jon Krawczynski (@JonKrawczynski) June 28, 2018
This makes Bjelica a restricted free agent when the window opens on July 1st, meaning the Wolves can match any offer if they so choose. The timing and mechanism work like this: Bjelica can sign an offer sheet with any team after the window opens. When the moratorium ends on July sixth, the Wolves will have two days to either match the contract or allow Bjelica to leave if he has signed an offer sheet.