Hood had to agree to the trade because his signing of a one-year, $3.4 million qualifying offer last summer with Cleveland granted him veto rights. He'll lose his Bird rights in summer free agency, but his enthusiasm for joining the Blazers on a playoff push allowed for his approval of the deal, league sources said. Portland can still re-sign Hood using one of its exceptions. The Blazers are 32-20 and fourth in the Western Conference.
The Cavaliers are continuing to add draft assets and are still pursuing trades for guard Alec Burks and JR Smith before Thursday's trade deadline. With in-season trades of Hood, Kyle Korver, George Hill and Sam Dekker, Cleveland has acquired seven draft picks -- including a first-rounder and six second-round choices.
Hood, 26, has started 45 games for the Cavaliers this season, averaging 12.2 points, just under his career average. He spent three-plus seasons with the Utah Jazz before getting to Cleveland a year ago as part of a three-team deal.
ESPN front office insider Bobby Marks contributed to this report.