(Associated Press)

Adrian Wojnarowski of Yahoo is reporting that the Minnesota Timberwolves have agreed to send all-star forward Kevin Love to the Cleveland Cavaliers in exchange for Andrew Wiggins, Anthony Bennett and a protected first-round draft pick in 2015. Per Wojnarowski’s sources, Love has agreed to opt out of his contract in 2015 and re-sign with the Cavaliers on a five-year, $120-million-plus extension.

Bennett and Wiggins were the No. 1 overall picks in the last two NBA drafts. The trade cannot be finalized until Aug. 23 because Wiggins cannot be traded until one month after signing his rookie contract. Until then, either team can pull out of the deal without recourse, Wojnarowski reports.

Love will join LeBron James, who returned to Cleveland as a free agent last month after four seasons and two NBA titles with the Miami Heat. Love had one year remaining on his contract with the Timberwolves, but he made clear that he would not be re-signing with Minnesota after this season.

[Related: Cavaliers will be weaker defensively with Love.]

Love averaged 26 points and 12.5 rebounds, recorded a league-high 65 double-doubles and was named an all-star for the third time last season, his sixth in Minnesota. The Timberwolves failed to reach a winning record during his tenure.

Bennett had a terrible start to his NBA career after being selected No. 1 overall out of UNLV. In 52 games last season, he averaged 4.2 points and 3.0 rebounds in 12.8 minutes per game. Despite coming around a bit in February, he had one of the worst rookie seasons in NBA history. But he showed up in much better shape during NBA summer league play, and Minnesota apparently believes he can turn things around.