August 7, 2014 at 12:22 pm

Reports: Cavaliers to acquire Love from Timberwolves for Wiggins, Bennett, draft pick

Kevin Love is headed to Cleveland, according to a report by Yahoo Sports. (Ronald Martinez / Getty Images)

The Minnesota Timberwolves have agreed on a trade that will send All-Star forward Kevin Love to the Cleveland Cavaliers for Andrew Wiggins, Anthony Bennett and a protected 2015 first-round pick, Adrian Wojnarowski of Yahoo Sports reported Thursday morning. The Associated Press also reported the deal, citing sources.

The report says the Cavaliers have a "firm agreement" that Love will sign a five-year, $120 million contract extension to remain with Cleveland.

The trade cannot be announced until Aug. 23, one month after Wiggins signed his rookie contract. Wiggins was the first overall pick in this year's NBA draft.

In recent days, reports said the Cavaliers remained the lone team in the running to acquire Love, who will team with LeBron James to make the Cavs a top contender for the 2014-15 NBA title.