The Minnesota Timberwolves are apparently planning to sign playmaker Ricky Rubio to a contract extension before October 31, whether or not their pursuit for Eric Bledsoe materializes, a source close to situation disclosed on Monday,

ESPN NBA Rumors central writer Joe Kaiser reported the T-Wolves are pretty much set to lock in Rubio before the Spanish point guard gets a chance to test the free-agency waters.

"According to a report out of Minnesota, the Timberwolves and Ricky Rubio are talking about possibly working out a contract extension before the Oct. 31 deadline. If that date passes without a new deal, Rubio will be a restricted free agent following the 2014-15 season," via ESPN NBA Rumors Central.

Several days ago, there are reports that Timberwolves might be looking to part ways with Rubio by using the sweet-passing point guard as a trade bait to get Bledsoe in a sign-and-trade deal with Phoenix Suns.

However, the move to extend Rubio's tenure in Twin City only suggested that the T-Wolves are trying to form a dynamic backcourt that would feature the Spaniard and hopefully Bledsoe playing together.

Basketball Insiders writer Steve Kyler provided an insight on what's the Timberwolves are trying to form with Rubio and Bledsoe becoming big parts of the franchise's plan.

"Like most, Bledsoe is viewed as more of an off-guard type that could flourish with a pass-first guard like Rubio. Sure it makes for a small backcourt, but a lot of teams are having success going small so that's not the negative today that it was four or five seasons ago," according to Kyler, who also disclosed that T-Wolves and Rubio might work out a contract extension at the end of October.

The 23-year old Rubio averaged 9.5 points, 8.6 assists and 4.2 rebounds per game last season with the Timberwolves, while the 24-year old Bledsoe had a breakout year after being traded by the Los Angeles Clippers to the Suns, producing 17.7 points, 5.5 assists and 4.3 rebounds a game.