The team announced the free-agent guard's signing Thursday. The two-year contract is worth a reported $4.2 million with a player option for the second year.
Blake has had two previous stints with the Trail Blazers, most recently from 2007 to 2010, becoming a fan favorite before going on to play for the Lakers, Clippers and Golden State Warriors. He kept a home in the Portland area.
Blake has averaged 6.9 points, 4.0 assists and 2.2 rebounds over an 11-year NBA career. Last season he averaged 6.9 points and 5.6 assists, splitting the season between the Lakers and Warriors.
"I don't think I could have gone to a team that wasn't playing for the playoffs or playing for the championship, and that's what I expect to have here," Blake told reporters on Thursday. "There is no better place to play basketball. I love it here."
The Trail Blazers can use the 6-foot-3 Blake to help back up All-Star guard Damian Lillard. Mo Williams, who was first off the bench last season, is a free agent and has reportedly talked to the Dallas Mavericks.
"Steve is the perfect fit for our team," Coach Terry Stotts said in a statement. "He brings experience, toughness, leadership, shooting and consistent defense. Steve will be a complement to our backcourt and provide mentorship for our young players."
Blake also has a relationship with center Chris Kaman, who agreed to terms with the Trail Blazers last week. Kaman, who signed a two-year deal worth a reported $9.8 million, will back up starting center Robin Lopez.
Offer sheet update
The Rockets have 72 hours to decide whether to match the three-year, $46-million deal.
Though reports from Houston have indicated that the team will match the offer, the Rockets are certain to wait until the last minute to do so because that will tie the Mavericks' hands in executing any Plan B scenarios. Plus, the Rockets still are in negotiations with Chris Bosh and if they are unable to land him, it might make them hesitate on matching Parsons' deal.
And if the Rockets do match the offer?
"We've got a lot of grease boards in that office up there with lots of different scenarios," president of basketball operations Donnie Nelson said. "I can't tell you which scenario is going pan out, but one of them is going to pan out.
"We will have a small forward with the Mavericks next year. Guaranteed."
Too much for Meeks?
The buzz among agents and front-office executives during the NBA summer league in Orlando is that the Detroit Pistons overpaid for free-agent shooting guard Jodie Meeks.
Critics say that Meeks was a product of the Lakers' high-scoring system and isn't worth the three years and $19.5 million the Pistons agreed to July 1.
Stan Van Gundy, the Pistons' new coach and president of basketball operations, said that Meeks was targeted, and the Pistons did what it took.
"You can always look at every deal and find people that got paid lower amounts of money or whatever, but you can also find people who got paid higher, so it comes down to individual situations and what you need and again, for us, he was the guy we made sure we got," Van Gundy said. "I thought we had to be very aggressive early on to get that done, and we did that."
The Bulls are heavily involved with Gasol, who also is being courted by the Lakers, Spurs, Heat, Thunder and Knicks. Knicks President Phil Jackson told reporters that he has had positive conversations with Gasol, although the Knicks can offer Gasol only a $3.2-million exception.
The Bulls, whose ideal situation would be a sign-and-trade transaction with the Lakers for Gasol involving Carlos Boozer's expiring contract, would have roughly $10 million of salary-cap space if they use the amnesty provision on Boozer.
The three-team trade that gave the Cleveland Cavaliers salary cap space to possibly land LeBron James is official. Cleveland sent guard Jarrett Jack and swingman Sergey Karasev to Brooklyn and center Tyler Zeller and a first-round draft pick to Boston. Cleveland acquired a future conditional second-round pick from the Celtics and the draft rights to forwards Ilkan Karaman and Edin Bavcic from the Nets. The Celtics will get guard Marcus Thornton — and his expiring $8 million contract — from the Nets. ... The Utah Jazz has acquired veteran forward Steve Novak from Toronto for guard Diante Garrett. The Jazz also received the rights to York's second-round draft pick in 2017. The 6-foot-10 Novak has shot 43.2% from three-point range over his eight-year career, second only to Golden State's Stephen Curry (44%) among active players.