Depending on who you're listening to, you can get a completely different story. Heck, the "Thompson is available" rumor could have even been put out there by the Wolves to drive up the Cavs' offer.
If I'm the Wolves, I would go with the Cavs offer even if Thompson was on the table, because even though he's a really nice player, Wiggins has the potential to be a guy they could build their franchise around.