NBA News: Lauri Markkanen, Larry Nance Jr. Moved in Three-Team Trade

The Chicago Bulls have finally figured out their situation with Lauri Markkanen. As the veteran forward has been unsure of what his future held for weeks now, Chicago has finally found a place where they could re-locate him.

On the other hand, the Cleveland Cavaliers found a landing spot for their veteran forward Larry Nance Jr. as well. According to Adrian Wojnarowski of ESPN, the Cavaliers, Bulls, and the Portland Trail Blazers struck a three-team deal on Friday.

Per Wojnarowski, the Bulls moved Markkanen to the Cavaliers in a sign-and-trade. The seven-footer joins the Cavs after a four-year run in Chicago. They will pay Markkanen, who averaged 15 points per game while shooting 37-percent from deep, $67 million over the next four seasons.

Meanwhile, the Cavaliers will give up Larry Nance Jr. to the Trail Blazers. Ever since the offseason began, Nance has been brought up in trade rumors and has even been linked to the Philadelphia 76ers a few times.

At this point, the 28-year-old Akron-born veteran is Portland-bound. Nance will find a new location for the second time in his seven-year career as he joins his third franchise, linking up with guys such as Damian Lillard and CJ McCollum.

What does Chicago get in all of this? They'll land the 24-year-old small forward Derrick Jones Jr. Last season, Jones played his first and now final year with the Blazers. He started in 43 of 58 games averaging just under seven points.

Prior to his short-lived stint in Portland, Jones spent time with the Miami Heat and the Phoenix Suns. Over the course of his career, Jones averaged 6.8 points and 2.5 rebounds while draining 50-percent of his shots from the field.

In addition to landing Jones, the Bulls also acquired a lottery-protected first-round pick from the Blazers and a future second-round pick from the Cavaliers.

Justin Grasso covers the Philadelphia 76ers for Sports Illustrated. You can follow him for live updates on Twitter: @JGrasso_.