In a related move, the Rockets waived injured guard Chris Clemons.
The pick Cleveland will get is top-55 protected and is unlikely to ever convey, sources told ESPN's Tim MacMahon.
Cleveland reportedly decided to part with the second-year wing after he had an outburst in the team's locker room Friday.
Porter, 20, was reportedly livid after discovering the Cavaliers had given his locker to Taurean Prince, who joined Cleveland in the four-team deal centered around James Harden earlier in January. Porter reportedly threw food at one point and remained upset after Cavaliers general manager Koby Altman confronted him.
The USC product hasn't played this season due to personal reasons. He was arrested in November after crashing his vehicle on an interstate highway near Cleveland. He was charged with improper handling of a firearm in a motor vehicle, marijuana possession, and driving without a license, though his lawyer said in December that those charges were dropped.
Houston intends to have assistant coach John Lucas work closely with Porter, according to MacMahon. Lucas has worked with several players to restore their careers following personal issues.
The Milwaukee Bucks selected Porter 30th overall in 2019, but the Cavaliers acquired his draft rights soon after. He averaged 10 points, 3.2 rebounds, and 2.2 assists while shooting 33.5% from distance in 50 games as a rookie last season.