MINNEAPOLIS (AP) -- The Minnesota Timberwolves and the City of Minneapolis say they have a plan to renovate the aging Target Center.

Minneapolis Mayor R.T. Rybak, City Council President Barbara Johnson and Timberwolves owner Glen Taylor will hold a news conference on Tuesday to announce what they call "a sensible, sustainable Minnesota solution for renovating" the 21-year-old arena.

The Timberwolves say the proposal will cost "considerably less" than replacing the building and will extend its viability for another two decades.

Specific details on the plan were not immediately available.

Target Center is the fourth-oldest arena in the NBA.

The announcement comes as the Minnesota Vikings are lobbying state leaders for a new football stadium.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)