The deal, which two sources have confirmed to the Associated Press, will not be official until Aug. 23, when Wiggins, this year's No. 1 draft pick, becomes eligible to be traded.
It has been reported that Minnesota sees Young as the right guy to fill Love's shoes. The Timberwolves, it has been reported, could use the first-round pick they get from the Cavaliers to help entice the Sixers to part with the 26-year-old Young, but that has not been confirmed.
Love, 25, is coming off his best season, one in which he averaged 26.1 points, 12.5 rebounds and 4.4 assists. He can opt out of his contract next summer, and the three-time All-Star made it clear to the Timberwolves that he was looking to join a contender after missing the postseason for six seasons in Minnesota.
Young is coming off a solid year in which he averaged career-bests with 17.9 points and 2.3 assists a game. He has spent his 7-year NBA career with the Sixers after being drafted out of Georgia Tech with the 12th pick in 2007.
For now, the deal will unite Love, LeBron James and Kyrie Irving in a new-look Big 3 in Cleveland. As for the Sixers, it will give them three of the top 11 picks from the 2013 draft - Bennett, Nerlens Noel and Michael Carter-Williams.
- Mark Perner