The Blazers acquired guard Norman Powell in a deal with the Raptors on Thursday, according to ESPN's Adrian Wojnarowski.
Gary Trent Jr. and Rodney Hood will reportedly head to Toronto in the trade.
Powell, 27, is in the midst of a career-best season. He's averaging 19.6 points per game this year, shooting 50 percent from the field and 43.9 percent from three. Powell averaged 26.2 points per game in his last 11 contests with Toronto.
Trent will join the Raptors in his third NBA season. He emerged as a significant piece of Portland's core during the 2020 playoffs, and he's followed that up with a solid 2020-21 campaign.