Yahoo! Sports reports that the Minnesota Timberwolves have reached an agreement in principle to send forward Kevin Love to the Cleveland Cavaliers for Canada's Andrew Wiggins and Anthony Bennett and a protected first-round draft pick in 2015.
According to NBA reporter Adrian Wojnarowski, the Cavaliers are making the trade with a firm agreement that Love will opt out of his contract next summer and re-sign with the Cavaliers on a five-year, $120 million-plus contract extension.
The deal can't be finalized until Aug. 23, because Wiggins cannot officially be traded until a month after signing his rookie contract.
Love, 25, was touted to be a target for the Cavs almost immediately after superstar LeBron James announced he was returning to Cleveland. The three-time NBA All-Star averaged 26 points and 12.5 rebounds for the Timberwolves last season and 19 points and 12.2 rebounds over his career.
Cleveland was reportedly not interested in discussing any deals regarding Wiggins, but with James in the fold, sources said that the returning No. 23 reached out to Love and informed him of his desire to play together.
James signed a two-year, $42.1 million contract last month to return to Cleveland.
Wiggins, from Vaughan, Ont., was selected with the top pick by Cleveland after spending one year in the NCAA with Kansas. Bennett, from Brampton, Ont., was picked first overall by the Cavaliers in 2013 but struggled in his rookie season because of injury problems that affected his conditioning.
Files from Yahoo! Sports and CP were used for this report.