With Cleveland in search of a brand new outside shooter, the Cavaliers agreed to acquire Lauri Markkanen, a restricted free agent forward from Chicago in a three-way trade that will send forward Larry Nance Jr. from Cleveland to Portland, according to media reports from the US media.

Markkanen is coming to the Cavs in a sign-and-trade agreement but it could be a few more days before the trade becomes official, a person familiar with the deal told the Associated Press on Friday.

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Reportedly, the 24-year-old Markkanen will receive a four-year, $67.4 million contract. In return, the Bulls are getting swingman Derrick Jones Jr. from the Trail Blazers along with a lottery-protected 2022 first-round pick.

The Bulls acquired San Antonio's DeMar DeRozan in a sign-and-trade this summer.  

ESPN first reported the three-way swap.

The 7-foot Markkanen averaged 13.6 points and 5.3 rebounds in 51 games for the Bulls last season, his fourth with the club. A 40% shooter on 3-pointers last season, he had been unable to work out staying with Chicago, and Cleveland jumped at the chance to get him.

Markkanen will join a young Cleveland nucleus that includes guards Darius Garland and Collin Sexton, forward Evan Mobley, the No. 3 pick in this year's draft, forward Isaac Okoro and centre Jarrett Allen.

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The price for Markkanen was high. The Cavs had to part with the popular Nance, who grew up in the area and whose father, Larry Sr., was an All-Star forward and whose jersey was retired by Cleveland.

Nance joined the Cavs in the 2017-18 season, coming over in a trade from the Lakers. A skilled all-around player, the 28-year-old Nance will be a nice complementary piece for the Blazers. He'll also get a chance to play with fellow northeast Ohioan and friend CJ McCollum.

With inputs from the Associated Press