The Minnesota Timberwolves have reached an agreement in principle to trade Kevin Love to the Cleveland Cavaliers for No. 1 overall pick Andrew Wiggins, 2013 No. 1 overall pick Anthony Bennett and a protected 2015 first-round draft pick, multiple media outlets reported Thursday.

The trade cannot be finalized until Aug. 23 because draft picks cannot be traded until 30 days after signing a new contract. Wiggins signed a rookie contract on July 24.

According to Yahoo! Sports, which reported an agreement in principle between the teams earlier Thursday, Cleveland has committed to make the trade with a "firm agreement" that Love will re-sign with the Cavs next summer for five years and $120 million-plus after opting out of his contract. But such an arrangement would be a violation of NBA rules.

Sources confirmed to ESPN.com's Marc Stein on Thursday that the Cavs and Love can make no such arrangements about the future, even verbally, without violating salary-cap circumvention rules in the league's collective bargaining agreement. Love has made it widely known that he intends to opt out of his contract at season's end, wherever he is, to become a free agent in July 2015, but the circumvention rules state that any discussions between the Cavs and Love regarding any future contract cannot take place until Love becomes a free agent next summer.