The newspaper said the Cleveland Cavaliers were preparing an offer to the 25-year-old 7-footer that would be made after the Feb. 21 trade deadline.
Oden is one of the NBA's hard-luck stories, having spent five injury-plagued seasons with Portland after being taken with the No. 1 pick in the 2007 draft. Chronic knee problems limited him to 82 games with the Trail Blazers before he was released last March.
His final appearance with Portland was Dec. 5, 2009.
Oden's agent, Mike Conley, said Oden had been hoping to return to pro basketball for the 2013-14 season, but that he could put on a uniform before that. Conley said Oden had met with officials from the Cavaliers.
Oden averaged 9.4 points and 7.3 rebounds while with the Blazers. He missed three entire seasons after having three knee operations.