Cavaliers acquire Frye from Magic for Varejao

Anderson Varejao is expected to be waived by the Portland Trail Blazers, Adrian Wojnarowski of Yahoo! He has been plagued by injuries in recent years, but did average 9.8 points and 6.5 rebounds last season.

Frank Isola of the New York Daily News reported Varejao was traded to Portland as part of a three-team deal that sends Channing Frye to Cleveland from Orlando.

Orlando will receive Jared Cunningham and a second-round pick. Varejao, 33, could be waived.

Orlando looks like the biggest victor of all, though, as the mission to clear cap space continues.

Cleveland saved more than $10 million in this deal, per ESPN’s Dave McMenamin, and improved.

Cavs General Manager David Griffin has liked Frye since their time together in Phoenix.

Frye, who’s shooting almost 40 percent on threes this season and can help the Cavs stretch the floor, should fortify Cleveland’s frontcourt.

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. If Cleveland makes it back to the NBA Finals for a rematch with the Golden State Warriors, it will not be comfortable with Frye switching on to their smaller players.

To generate $45 million in cap space, the Magic also would have to renounce free agents-to-be Brandon Jennings, Dewayne Dedmon, Andrew Nicholson and Jason Smith – thereby eliminating Dedmon’s, Jennings’, Nicholson’s and Smith’s cap holds. As early as two weeks ago, rumors were swirling the Magic could be looking to move on from Frye, who has been reduced to a reserve role of late.