Dan Gilbert and Glen Taylor apparently had conversations about Butler at the Owner's meeting. It seems the Cavs want to be in on the discussions and may try to really go for it this year. Cavs also have a number of varying size salaries so plenty of deals could be worked out where the Cavs take on Dieng (and anyone else the Wolves would want to dump).
Something like this makes some sense for both teams
Butler, Dieng for Thompson, Korver, Dekker, Zizic
Wolves save a ton of money and get out of the tax and get some toughness and rebounding next to Towns in Thompson (who is 1 less year than Dieng), a shooter off the bench in Korver, and 2 young players. Cavs add a top level player to go for it for a year and don't lose anyone they can't afford to lose while taking on Dieng's contract.
Now maybe Butler's market is great and the Wolves can do a lot better than that, but that is at least a credible package that serves a number of goals for the Wolves and if they don't want Thompson, the Cavs have Smith, Hill, and Clarkson with large contracts available that can be swapped in.