League sources told ESPN and the Oregonian on Saturday that the Trail Blazers will send Bazemore, forward Anthony Tolliver and two future second-round draft picks to the Kings for Trevor Ariza, Wenyen Gabriel and Caleb Swanigan.
The Trail Blazers will shed $12.5 million in salary after the trade, according to ESPN. The Kings' luxury tax bill drops to $7 million with the swap.
Bazemore, playing in his first season in Portland, has averaged 7.9 points, 4.0 rebounds and 1.4 assists per game this year. Bazemore ($19.3 million) and Tolliver ($1.6 million) are currently on expiring contracts.
Ariza has averaged 6.0 points, 4.6 rebounds and 1.6 assists per game in his first season with the Kings. According to ESPN, he has a partial guarantee of $1.8 million on his current $12.8 million contract next season. Portland will have until June 30 to pick up or decline that option.
The Trail Blazers will also create a $7.2 million and $1.7 million trade exception as part of the agreement, according to ESPN. Both exceptions will expire next January.