UPDATE 2:30 p.m. AFTER TODAY'S PRACTICE:
Wolves coach Tom Thibodeau said after practice that a final decision hasn't been made, but called Stephenson "one of the guys we're strongly considering. He's one of the guys we're taking a good, long hard look at."
Thibodeau said they considered signing Stephenson last summer and knows him well from when Thibodeau coached Chicago and Stepheson played for Indiana.
"I'm pretty familiar with him from the time he played in the same division," he said. "He has shown he has been a very good player in this league."
LaVine was lost for the season during Friday's game at Detroit and will need surgery to repair a torn ACL.
Asked about potentially adding Stephenson, Wolves forward Andrew Wiggins said, "That would be good. He's a proven vet, good player, good playmaker. I feel like he could help us out."
Rookie Kris Dunn practiced today and Thibodeau said he is making progress toward a return after he has missed the last three games because of a hand injury sustained in a fall against Orlando last week.
Asked how close Dunn is to playing, Thibodeau said, "That's a great question. He was better today. Hopefully there will be more improvement tomorrow...Once he is comfortable enough to do all the things that are necessary for him to play, he'll play."