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. Trent is averaging 15 points per game this season on 39.7 percent from three.
The Blazers enter Thursday night No. 6 in the Western Conference at 25–18. The Raptors have struggled this season, currently sitting No. 11 in the East at 18–26.