The fit wasn't ideal and because of his chaotic experience in the first few months post-trade, Hood will only be willing to waive his no-trade for a chance to play for a contending team that also offers a clearly-defined role.
ESPN reports that the two teams have agreed to a trade of Hood for Portland guards Nik Stauskas and Wade Baldwin and two second-round picks, one in 2021 and one in 2023. He's averaging 12.2 points, 2.5 rebounds and two assists per game this season.
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The rebuilding Cavaliers are collecting draft assets following a four-year run to the Finals.
Stauskas and Baldwin both have expiring contracts, meaning they will be unrestricted free agents after the season.
Hood will give Portland some more scoring punch and can take some pressure off guards Damian Lillard and CJ McCollum. The Kings selected him with the No. 8 overall pick in 2014.
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The NBA trade deadline is Thursday at 3 p.m. EST.
Wojnarowski notes that the Blazers could still potentially re-sign him this summer using an exception.
Baldwin, 22, saw only limited duty in Portland this season, averaging 1.9 points in 5.9 minutes in 16 games, also spending time with its G-League affiliate, the Texas Legends.
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