Lauri Markkanen joins Cleveland Cavaliers in three-way sign-and-trade with Chicago Bulls and Portland Trail Blazers

The Cleveland Cavaliers are acquiring restricted free agent forward Lauri Markkanen from the Chicago Bulls in a three-team trade that also includes the Portland Trail Blazers, multiple media outlets reported on Friday.

ESPN confirmed that Markkanen will head to the Cavaliers on a four-year, $67 million deal in the sign-and-trade agreement with the Bulls.

Chicago will acquire high-flying forward Derrick Jones Jr. along with a lottery-protected 2022 first-round pick from the Trail Blazers. The pick is protected 1-14 until 2028 and it becomes Portland's 2028 second-round pick if not conveyed before then.

The Bulls will also receive a 2023 second-round pick from the Cavaliers via the Denver Nuggets, per reports.

Portland will get forward Larry Nance Jr. from Cleveland to complete the deal.

Markkanen, a 24-year-old stretch power forward or center from Finland averaged 13.6 points, 5.3 rebounds and 0.9 assists in 51 games (26 starts) last season.

He has averaged 15.6 points, 7.1 rebounds and 1.2 assists in 221 career games (195 starts) since being selected by the Minnesota Timberwolves with the seventh overall pick of the 2017 NBA Draft.

There were high hopes for Markkanen in Chicago, but given their busy off-season, adding the likes of Lonzo Ball, DeMar DeRozan (both also acquired in sign-and-trades) and Alex Caruso, on top of existing All-Stars Zach LaVine and Nikola Vucevic, there was simply not enough cap space for the Bulls to re-sign the player.

Jones, also 24, averaged 6.8 points and 3.5 rebounds in 58 games (43 starts) in his first season with the Trail Blazers in 2020-21. He averaged those same totals over 229 career games (89 starts) with the Phoenix Suns, Miami Heat and Portland.

Nance, meanwhile, is a bit older at 28 and averaged 9.3 points, 6.7 rebounds and 3.1 assists in 35 games (27 starts) last season with the Cavaliers. He has averaged 8.3 points, 6.7 rebounds and 1.9 assists in 350 career games (122 starts) with the Los Angeles Lakers and Cleveland.