Miami will get forward Brian Grant, and Cleveland will get forwards Clarence Weatherspoon and Chris Gatling, cash and a future No. 1 pick either in 2001 or 2002 from the Heat, as well as guard Gary Grant from Portland.
Kemp, a six-time All-Star forward, signed a seven-year, $98 million contract in 1997. He was slated to make $46.5 million from 2002-04.
With Kemp on the payroll, the Cavs couldn't maneuver under the salary cap and were facing a luxury tax next year. But this deal means their fiscal worries are over.
Under league rules, the trade can not be announced until Aug. 26 because Gatling was already involved in another trade in the last 60 days. In all likelihood, the deal will be announced a few days later, according to an NBA source who spoke on condition of anonymity.
Heat guard Dan Majerle, who was rumored to be a part of the deal, is not involved in the trade, the source said.
Kemp became the Cavs' first marquee player when he arrived via a three-way trade from Seattle in 1997. The high-flying "Reign Man" was a box-office draw in Cleveland with his array of high-flying dunks and post moves.
But despite playing well in 1998 under then-coach Mike Fratello, Kemp's game began to decline as his waistline expanded. He was out of shape most of the 1997-98 season, which was mostly ignored since he still put up great offensive numbers.
It was then that the Cavs began toying with the idea of trading their best player. Kemp gave Cleveland further reason to doubt his dedication when he arrived at training camp after the lockout in 1999 weighing over 300 pounds.
No longer a skywalker, Kemp's game was even more earthbound this past season. His average of 17.8 points per game was his lowest since 1992-93 and his .417 shooting percentage was a carer worst.
Kemp also led the league in personal fouls and finished third in turnovers.
The 30-year-old was a bigger headache off the court, arriving late for games, team meetings and flights. Before one of the Cavs' biggest home games against the Los Angeles Lakers, Kemp got to Gund Arena just 45 minutes before tipoff.
Kemp promised to rededicate himself this past off-season, vowing to get in shape. It was a promise the Cavs had heard before and one they were convinced Kemp couldn't keep.
Gatling, a nine-year veteran who has spent time with seven NBA teams, wasn't happy when he learned of the deal last week.
"I was psyched to play in Miami after I was traded," Gatling said, referring to the deal in June that sent him from Denver to Miami. "Then this started. Now I'm not psyched about anything."
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