The Cleveland Cavaliers are preparing to offer a contract to former No. 1 overall pick Greg Oden following the trade deadline, according to a report in the Akron Beacon Journal on Friday.
Citing an NBA source, the paper stated that the deal will be two years with a team option for a third. The move would take place after the Feb. 21 trade deadline passes, as the Cavaliers are currently preserving their remaining cap space for possible moves.
Oden, taken first overall by Portland in the 2007 draft, was released by the Trail Blazers last March following an injury-plagued five-year tenure. Chronic knee problems limited the 7-foot center to just 82 games over that span, and he hasn't appeared in an NBA contest since Dec. 5, 2009.
The 25-year-old's agent, Mike Conley Sr., recently told the Beacon Journal that Oden is healthy and ready for a return to the court. The former Ohio State star had originally been planning to make a comeback to the NBA for the 2013-14 season.
Conley also confirmed that Oden has met with the Cavs previously, though he declined to discuss specifics.
"Greg has been up there before and he'll probably be up there again in an official capacity," Conley told the Beacon Journal.
Oden averaged 9,4 points, 7.3 rebounds and 1.4 blocks with the Blazers, but sat out three full seasons due to three separate microfracture surgeries on his knees.
The Beacon Journal also reported that Oden was also drawing interest from the Boston Celtics.