The Jazz will send the Cavs their 2022 second-round selection from the San Antonio Spurs and a 2023 second-rounder from the Golden State Warriors. According to Sports Illustrated, Clarkson was informed of the pending deal before Cleveland tipped off against the Atlanta Hawks on Monday night.
Exum, the No. 5 overall pick in the 2014 NBA Draft, has been unable to stay healthy in his career but has shown glimpses of his potential. In 11 games this season, he has averaged 2.2 points and 1.1 rebounds in 7.5 minutes per game.
Clarkson, 27, is averaging 14.6 points in 29 games this season, his third with the Cavaliers. He dropped a season-high 33 points on 12-of-27 shooting in Friday's win over the Memphis Grizzlies.
Clarkson will join the Jazz with a $13.4 million expiring contract, according to Spotrac. Exum has two years and $19.2 million remaining on his contract.