Washington will send centre Jason Smith and a future second-round pick to the Bucks, Wojnarowski reports, and will also acquire a 2021 second round pick from the Cavaliers. He will provide veteran depth in the backcourt for a Bucks team that has become a true contender in the East.
ESPN has reported that the two clubs are finalising a trade which would see respected point guard George Hill and forward Sam Dekker head to the Bucks for Dellavedova, John Henson, a 2021 first-round pick and a 2021 second-round pick.
The Cavaliers and Wizards will swap second round picks, with Cleveland getting Washington's second in 2021 and sending their second in 2022.
The deal also has implications for Thon Maker, who looks set to establish himself as Milwaukee's backup big man moving forward, with Henson now in Cleveland, although he will have to compete with Smith for those minutes.
The money Milwaukee will save with the trade allows them flexibility to continue to upgrade the roster, while the Cavaliers continue show a willingness to take on money to gather draft picks.
In 12 appearances this season, Dellavedova is averaging 1.7 points, 0.8 rebounds and 2.4 assists per game. Hill is averaging 10.8 points per game, three assists and two rebounds per game this season on 51 percent shooting.
Dellavedova got his start in Cleveland, where he played for three seasons and helped the Cavaliers win the 2016 NBA Finals. The center underwent surgery to fix a torn ligament in his left wrist late last month.
According to Wojnarowski, Milwaukee will save $18 million in salary in the 2019-20 season with the trade.