Frank Isola of the New York Daily News reports on Twitter that the Portland Trail Blazers have agreed to trade guard Raymond Felton and center Kurt Thomas to the New York Knicks for forward Jared Jeffries and center Dan Gadzuric. Both Felton and Jeffries need to be sign-and-traded for the deal to work.

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The Knicks acquired Felton and Kurt Thomas from Portland for Jared Jeffries and Dan Gadzuric, sources tell the Daily News

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Ken Berger of CBSSports.com has confirmed the trade and reports that the Blazers will also receive a 2016 second-round pick for their troubles in facilitating Felton's move.

Marc Spears of Yahoo! Sports reports on Twitter that Felton will get a 3-year contract worth $10 million.

Sam Amick of SI.com reports on Twitter that, despite other reports, Felton will get a 4-year contract worth $18 million.

Howard Beck of The New York Times reports these trade details.

Felton will receive a three-year, $10 million contract in a sign-and-trade deal with the Portland Trail Blazers, according to a person briefed on the details. The Knicks will also receive Kurt Thomas, another former Knick, in the deal. In exchange, Portland will receive Jared Jeffries (in a sign-and-trade arrangement), plus the nonguaranteed contract of Dan Gadzuric, the Knicks' second-round draft pick in 2016 and the rights to two overseas players.

Jason Quick of The Oregonian reports on Twitter...

Possible details of Blazers-Knicks deal could be Knicks sending Kostas Papanikolaou to Blazers and $ to help pay for Jeffries' $3.1M salary Papanikolaou a 6-foot-9 forward from Greece who was the Knicks' second-round pick in the 2012 draft Update: Blazers-Knicks trade will go through [Monday]. Blazers get Jared Jeffries, Dan Gadzuric, Kostas Papanikolaou and Georgios Printezis and $$Knicks will pay Jeffries' $1.35M salary.

Word of the talks was first reported earlier Saturday afternoon.

Felton, 28, spent one season with the Blazers after being acquired in a 2011 Draft day trade with the Denver Nuggets. He posted averages of 11.4 points, 6.5 assists and 1.3 steals per game in 60 games but clashed with former coach Nate McMillan after coming into camp out of shape. He also kept it 100 by inviting his critics to his home, The Indigo, to hash things out face-to-face. He was mentioned in multiple trade rumors at the March trade deadline but ultimately he was not moved.

The Knicks were one of four finalists that Felton mentioned last month, along with the Blazers, Brooklyn Nets and Phoenix Suns. Felton promised to exact revenge upon his return to Portland.

"I'm a free agent so maybe those bloggers and those people who write won't have to see me again," Felton told Mark Haggard of CarolinaLive.com. "Maybe they won't, until I'm coming in on the other end and droppin' 50 on 'em. We'll see what happens. Who knows."

Thomas, 39, signed a 2-year contract with the Blazers in December 2011. He averaged 3.0 points and 3.5 rebounds per game in 53 games during his only season in Portland. He didn't play much down the stretch as the Blazers turned over the bulk of their rotation minutes to younger players.

Jeffries, 30, averaged 4.4 points and 3.9 rebounds per game in 39 games for the Knicks last season.

Gadzuric, 34, has a non-guaranteed contract worth $1.3 million for the 2012-13 season. He appeared in just two games for the Knicks last season.

This post will update with more information.

-- Ben Golliver | benjamin.golliver@gmail.com | Twitter