Portland will receive two second-round draft picks in exchange.
The Cavs will also send two second-round picks to Portland, USA Today's Jeff Zillgitt reports. The Blazers will receive the better of Cleveland's two 2019 second-round picks and the team's 2020 second-rounder, Jason Lloyd of the Akron Beacon Journal reports.
The Cavaliers will not receive any picks or players in the trade, ESPN's Brian Windhorst reports. Dealing away Haywood and Miller means that Cleveland will receive $10.5 million and $2.85 million trade exceptions, according to Wojnarowski.
Miller, 35, averaged 2.1 points in 13.5 minutes per game last season, both career lows. He signed with the Cavs last off-season after spending the previous year with the Grizzlies. Miller is set to enter his 16th NBA season.
Haywood, 35, played just 22 regular season games in 2014-15, only starting once. In 5.4 minutes per game, he averaged 1.6 points and 1.3 rebounds last season, his first with the Cavs after not playing in 2013-14.
Portland will likely waive Haywood, who has a $10.5 million non-guaranteed deal for the 2015-16 season.
- Stanley Kay