Los Angeles also said on its website (www.nba.com/clippers) on Tuesday that the team had waived experienced guard Ricky Davis.
Camby gives Portland a much-needed boost at center since their top two players in the position, Greg Oden and Joel Przybilla, are out for the season with injuries.
The 35-year-old Camby, known for his strong defensive play, was averaging 12.1 rebounds, 7.7 points and almost two blocked shots per game with the Clippers.
Blake, 29, averaged 7.6 points and 4.0 assists for Portland.
Outlaw, 25, has been limited to 11 games this season after undergoing foot surgery in November.
(Reporting by Gene Cherry in Salvo, North Carolina, editing by Tony Jimenez)