-- The Minnesota Timberwolves have reached an agreement in principle to trade Kevin Love to the Cleveland Cavaliers for No. 1 overall pick Andrew Wiggins, 2013 No. 1 overall pick Anthony Bennett and a protected 2015 first-round draft pick, Yahoo! Sports is reporting.
According to Yahoo! sources, Love has committed to opt out of his contract in 2015 and re-sign with Cleveland next summer for five years and $120 million-plus.
The trade cannot be finalized until Aug. 23.
Sources have told ESPN.com that Love has been highly intrigued by the idea of playing alongside Olympic teammate LeBron James on a full-time basis and is not put off by the fact that James' contract with the Cavs spans only two seasons and includes a player option to return to free agency next summer.
NBA Hall of Famer Isiah Thomas reacted to news of the trade agreement on Twitter by crediting James for his influence in getting Love to Cleveland.
Lebron James best executive in the NBA!!! - Isiah Thomas (@iamisiahthomas) August 7, 2014
Timberwolves owner Glen Taylor told the St. Paul Pioneer Press last weekend that a trade of Love was likely by Aug. 23 or Aug. 24, coinciding with the first day Wiggins can be traded.
Wiggins, when asked Sunday about the uncertainty over his future, told ESPN that he wants to play where he's wanted. The Cavs signed Wiggins to his rookie contract, which averages about $5.5 million annually.
"I just want to play for a team that wants me. So whichever team wants me I'll play for," he told ESPN's "SportsCenter" from Tarrytown, New York, where he was taking part in a photo shoot for Panini trading cards.
Although the Cavs would prefer to keep Wiggins, their interest in Love is understandable given how well the big man's combination of elite rebounding, passing and long-range shooting ability could complement James' game. With Love in addition to James and point guard Kyrie Irving, Cleveland would rank as an undeniable favorite to win the Eastern Conference, something the Cavs managed only once in James' initial seven-season stint with his home-state franchise.
ESPN.com's Marc Stein contributed to this report.