5:00pm: Portland has waived Varejao, the team announced (on Twitter).
3:38pm: Frazier has officially been waived, the Trail Blazers announced.
12:29pm: The Trail Blazers will waive Tim Frazier to accommodate the trade acquisition of Anderson Varejao, reports Shams Charania of The Vertical on Yahoo Sports (Twitter link), and likely waive Varejao once the trade goes through, according to Vertical colleague Adrian Wojnarowski (on Twitter).
Frazier, 25, is earning $845,059 this season, the remainder of which Portland will still be on the hook for. The point guard has appeared in 35 games for the Blazers this season, including one start. He averaged 1.5 points, 1.1 rebounds and 1.2 assists in 7.8 minutes per contest.
Originally inked as an unrestricted free agent last March, Frazier posted averages of 1.9 points, 1.2 rebounds, 1.5 assists and 8.5 minutes in parts of two seasons with the Trail Blazers.