(CBS) The retooled Chicago Bulls know who they will have to go through to win the Eastern Conference.

Already having signed star LeBron James in the offseason, the Cavaliers have reached an agreement in principle with the Timberwolves that would bring All-Star power forward Kevin Love to Cleveland, Yahoo Sports’ Adrian Wojnarowski reported Thursday morning. In return, Minnesota will receive top draft pick Andrew Wiggins, 2013 No. 1 pick Anthony Bennett and a protected 2015 first-round pick, Wojnarowski reported.

READ MORE: Police Respond To Shots Fired Call At Clark And Lake CTA Stop

The Cavaliers have an agreement with Love that he will opt out of his contract after the 2015 season and then re-sign with Cleveland on a five-year deal worth $120 million-plus.

The deal can’t become official until Aug. 23, as Wiggins signed with Cleveland in late July and, per NBA rules, can’t be traded for a month.

READ MORE: Man Found Shot Dead Under Viaduct In Stony Island Park

The addition of Love makes the Cavaliers the Eastern Conference favorite and sets them up well for the future as well. He’s 25, James is 29 and point guard Kyrie Irving is 22.

Love averaged 26.1 points and 12.5 rebounds last season.

MORE NEWS: Four In Custody Following Domestic Incident 'Involving A Firearm' At Sky Zone In Orland Park

The Bulls had previously expressed interest in Love, but they had no single trade chip that was as valuable as Wiggins, and they were otherwise hesitant to gut their team.