Minneapolis, MN (NNCNOW.com) --- The Cleveland Cavaliers have agreed in principle to send Andrew Wiggins, Anthony Bennett, and a protected 2015 first-round draft pick to the Minnesota Timberwolves in exchange for Kevin Love, according to a report by Yahoo Sports.
The deal also includes an agreement between Love and the Cavaliers that he will sign a new five-year, $120 million extension following the 2014-15 season, Yahoo reports.
The deal, which will not involve a third team, cannot be formally completed until Aug. 23 because league rules prohibit Cleveland from trading Wiggins within 30 days of him signing a rookie contract.
ESPN had also reported earlier this week that there was a "handshake agreement" in place between the teams but did not specify the details other than Love.
In the 2013-14 season, Love became the first player since the NBA-ABA merger in 1976 to average 26+ points, 12+ rebounds and 4+ assists per game. He closed out the 2013-14 campaign with a franchise-record 26.1 points per game to go along with 12.5 rebounds per contest.