Reigning NBA champions Cleveland Cavaliers are reportedly finalising a deal that would see them receive on of the league's top three-point shooters, Kyle Korver, from Atlanta Hawks.

According to ESPN, the Cavs will send a protected first-round pick in 2019 and Mike Dunleavy Jr in return.

ESPN reported that the Cavs will trade their 2017 first-round pick to the Blazers for their 2018 first-rounder in a separate deal.

Cleveland's roster has been thin at shooting guard since JR Smith went down with a thumb injury that required surgery and will keep him out of action potentially until the end of March.

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The Hawks got off to a slow start, but had won five straight after today's win over New Orleans Pelicans.

Korver had been relegated to a bench role in 10 of the team's last 12 games, after being a starter in Atlanta for the previous four seasons.

Korver (35) has consistently been one of the league's best shooters from three-point distance throughout his career and is shooting 40.9 percent from beyond the arc this season.

The Cavaliers already rank second in the league in three-point attempts per game (33) and three-point shooting percentage (39.1).

Korver is under contract for $NZ7.4 million this year and will become an unrestricted free agent this summer.