Rubio told Catalan radio ONA FM that "I want to wait until I see there is no chance of resolving the situation, and then I will sign with another team."
Rubio said that he would contact Barcelona to see if he could practice with the team while the lockout continues, similar to Los Angeles Lakers center Pau Gasol and his brother Marc Gasol of the Memphis Grizzlies.
Rubio said "it would be nice to practice and play with the Gasols on Barca."
The Timberwolves drafted the highly-touted 21-year-old Spaniard in 2009, but Rubio chose to stay in Spain before moving to the U.S. this summer.
The NBA lockout began in July, only weeks after the end of the 2010-11 season. The dispute between owners and the National Basketball Player's Association is over revenue sharing and the structure of the salary cap.
As of November 15 the NBA cancelled all games until at least December 15 amd the players filed antitrust lawsuits against the NBA in federal courts in California and Minnesota.
Besides Spanish players heading home to play, a number of U.S.-born players including Deron Williams and Kenyon Martin have signed contracts to play abroad. Kevin Durant and other superstars who want to stick in the U.S. have started playing in exhibition matches across the country to keep their skills and bank accounts in check.
Based on reporting by the Associated Press.