(Reuters) - The Minnesota Timberwolves signed free agent guard Brandon Roy on Tuesday with hopes the former National Basketball Association (NBA) All-Star will help rejuvenate a team that has not made the playoffs in eight years.

Terms of the contract were not disclosed but multiple media reports said the 28-year-old three-time All-Star, who retired ahead of the 2011-12 NBA season due to a degenerative knee condition, agreed to a two-year deal worth $10.4 million.

"Brandon's talent, experience and leadership will be helpful to our young team," David Kahn, Timberwolves President of Basketball Operations said in a statement.

"He has proven to be one of the best shot-makers and clutch performers in the NBA over his career. We're confident in his ability to return to play at a high level and we look forward to him continuing his career in a Timberwolves uniform."

Roy, who was the NBA's top rookie for the 2006-07 campaign, has averaged 19 points, 4.3 rebounds and 4.7 assists in five seasons with the Portland Trail Blazers.

Taken with the sixth overall pick in the 2006 NBA Draft by the Timberwolves, Roy was immediately traded to Portland, where he led the team to the playoffs in three of his five seasons.

The Timberwolves have not made the playoffs since finishing in first place in the Western Conference in the 2003-04 regular season. They advanced to the Western Conference finals that year but fell to the Los Angeles Lakers.

(Reporting by Frank Pingue in Toronto, editing by Mark Meadows)