The Heat will receive Butler and Meyers Leonard, the Trail Blazers will receive Hassan Whiteside, the Clippers will receive Moe Harkless and a first-round draft pick and the 76ers will receive Josh Richardson, according to the Associated Press.
Miami had reportedly agreed to trade Whiteside to Portland for Leonard and Harkless earlier in the day, but the transaction then morphed into the Butler deal.
Butler, a four-time All-Star, will be under contract for the next four seasons. His deal is reportedly worth $142 million. He averaged 18.7 points and 5.3 rebounds per game between the 76ers and the Minnesota Timberwolves last season. He was sent to Philadelphia in a mid-season trade.
The trade also allows Miami to dump an expiring contract. Whiteside opted into his contract next season. He is owed $27.1 million. Leonard’s contract is also expiring at the end of the 2019-20 season. He will be owed $11.2 million this year.
The trade will not become official until Saturday due to the league’s annual moratorium.
The Associated Press contributed to this report.