League sources told ESPN, The Athletic and the Chicago Sun-Times on Friday that Markkanen agreed to a four-year, $67 million contract with the Cavaliers as part of the deal. According to the outlets, Cleveland is sending forward Larry Nance Jr. to the Portland Trail Blazers and a 2023 second-round draft pick to the Bulls in the deal.
The Trail Blazers are trading forward Derrick Jones Jr. and a lottery-protected 2022 first-round selection to the Bulls, ESPN reported.
Markkanen had been searching for a new team as a restricted free agent, and he will now join a reshaped Cavaliers lineup that includes No. 3 overall pick Evan Mobley and center Jarrett Allen. Markkanen averaged 13.6 points and 5.3 rebounds for the Bulls last season.
Since entering the NBA as the No. 7 overall pick in the 2017 draft, Markkanen has averaged 15.6 points and 7.1 rebounds over 221 career games (195 starts).
Nance averaged 9.3 points and 6.7 rebounds over 35 games (27 starts) for the Cavaliers last season.
Jones had averages of 6.8 points and 3.5 rebounds across 58 games for the Trail Blazers in the 2020-21 campaign.