The deal can't be officially completed until Aug. 23 because Wiggins, the No. 1 overall pick in the 2014 NBA draft, can't be traded until one month after the signing of his rookie contract.
Wiggins, from Vaughan, Ont., was selected with the top pick by Cleveland after spending one year in the NCAA with Kansas. He is a prized prospect with notable athleticism and potential as an elite defender, though he comes across as low key and his competitiveness has been questioned.
Bennett, from Brampton, Ont., was picked first overall by the Cavaliers in 2013 but struggled in his rookie season because of injury problems that affected his conditioning.
He hopes to rebound this season after an impressive showing in the NBA's summer league.
Citing unnamed sources, the report says Love will opt out of his contract in 2015 and re-sign with the Cavaliers on a five-year, US$120 million-plus contract extension.
Love will join superstars LeBron James and Kyrie Irving in Cleveland to create an impressive core if the deal goes through.