Updated: 8/23/2014 1:17 pm
Cleveland, OH (SportsNetwork.com) - The long-awaited trade that will send Kevin Love from Minnesota to Cleveland is finally complete.
Love will head to the Cavaliers in a deal that will give the Timberwolves wing Andrew Wiggins and forward Anthony Bennett -- the last two No. 1 draft picks. A protected first-round pick in 2015 will also head Minnesota's way, but that draft choice, along with forward Luc Mbah a Moute and guard Alexey Shved, will be dealt to Philadelphia in exchange for forward Thaddeus Young.
The parameters of the deal were agreed upon earlier this month and Yahoo Sports at the time reported that Love will opt out of his current deal after the upcoming season to sign a new contract with the Cavaliers -- a five-year extension worth at least $120 million.
Speculation surrounding a trade for Love had been rampant after LeBron James re-joined the Cavaliers last month.
However, the Cavaliers had to wait until Aug. 23 to officially trade Wiggins. NBA rules stipulate that a draft pick cannot be dealt until 30 days after he signs his contract. Wiggins inked his deal on July 24.
Love averaged 26.1 points and 12.5 rebounds for the Timberwolves in 77 games last season. He has spent his first six NBA seasons with Minnesota and owns career averages of 19.2 points and 12.2 rebounds.
"At only 25, Kevin has already firmly established himself as one of the NBA's elite players," said Cleveland general manager David Griffin. "We also want to wish Andrew Wiggins and Anthony Bennett the best as they will continue the start of their careers in Minnesota."
The Wolves were apparently also considering deals with Golden State and Chicago for Love, while Phoenix made a last-minute push by offering guard Eric Bledsoe.
Wiggins was taken first overall by the Cavaliers last month, plucked at the top of a draft class widely seen as one of the most talented of all-time. The 19-year-old Kansas product was named Big 12 Freshman of the Year after averaging 17.1 points and 5.9 rebounds per game in his only season for the Jayhawks.
Earlier reports last month had Bennett going to the 76ers in the deal for Young. Instead, he will stay with the Wolves after a trying first NBA season in Cleveland. The UNLV product appeared in just 52 games last season and averaged only 4.2 points with 3.0 rebounds in 12.8 minutes per contest.
Young averaged a career-best 17.9 points and 6.0 rebounds in 79 games last season with the Sixers. A seven-year veteran who has played his entire career in Philadelphia, Young has career averages of 13.7 points and 5.5 rebounds.
"Thank you Sixers & Philly fans for 7 wonderful years," Young tweeted after the deal was officially announced. "Minnesota #twolvefans I'm ready to work and bring my hardworking attitude Philly gave me #wolfnation #howl ... see you soon."
Mbah a Moute joined the Wolves last November in a trade from Sacramento and averaged 3.3 points with 2.2 rebounds in 55 games for Minnesota. The UCLA product has career averages of 6.3 points with 4.9 rebounds in 399 games over six seasons with Minnesota, Sacramento and Milwaukee.
Shved spent two seasons in Minnesota and averaged 6.5 points with 2.5 assists in 140 games, starting 16. The 25-year-old Russian native appeared in 63 games off the bench last season and averaged just 4.0 points.
The draft pick Philly acquired is a protected first round pick in the 2015 NBA draft. The pick, which originally belonged to the Miami Heat, is Top-10 protected in 2015 and 2016.