The Cleveland Cavaliers reportedly acquired forward Channing Frye from the Orlando Magic and sent center Anderson Varejao to the Portland Trail Blazers as part of a three-team trade, according to multiple reports.
According to the reports, the Magic will acquire a second-round pick and guard Jared Cunningham, though they are expected to waive him.
Frye had been linked to a possible trade to the Los Angeles Clippers earlier this week and has two years remaining on a four-year deal he signed with Orlando before the 2014-15 season. According to the reports, Cleveland is expected to use a $10.5 million trade exception to take on Frye’s remaining $8.2 salary for this season.
In 44 games this season, Frye has averaged 5.2 points and 3.2 rebounds on 43.5 percent shooting and shot 39.7 percent from 3-point range.
Frye, 32, will be joining his fifth team since entering the league as a first-round pick of the New York Knicks in 2005. In 701 games for the Knicks, Trail Blazers, Phoenix Suns and Orlando, Frye has averaged 9.3 points per game while shooting 43.8 percent.
In recent years, Frye has become a formidable threat from 3-point range. He attempted 70 3-pointers in his first four seasons but in his last six seasons, he has made 39 percent (778-of-1993) of his 3-point attempts.
Varejao has appeared in 31 games this season for Cleveland and has played his entire career for the Cavaliers. The 33-year-old native of Brazil has averaged 7.6 points and 7.5 rebounds in 591 games for Cleveland since joining the league in 2004-05.
Slowed by injuries in recent seasons, Varejao has two years remaining on his contract and is owed over nine million dollars in each of the next two seasons.
He is expected to be waived by Portland according to reports.