The Portland Trail Blazers have extended a qualifying offer to center Greg Oden, it was announced today by the team. Portland has also extended a qualifying offer to guard Patrick Mills.

Both Oden and Mills become restricted free agents, ensuring that the Trail Blazers will have right of first refusal should another team try to sign them. The moves give Portland the right to match any contract offer they receive in the offseason.

"We've stood behind Greg Oden every day since he became a Trail Blazer and that continues with today's announcement," said Trail Blazers President Larry Miller . "Despite the setbacks he's experienced, he continues to be resilient in working tirelessly on his rehabilitation. We're all very encouraged with not only his progress, but with his commitment and determination to return to the basketball court."

The Portland Trail Blazers exercised its third-year options on forward Luke Babbitt and guard Elliot Williams.

A rookie last season, Babbitt, 22, notched averages of 1.5 points, 1.3 rebounds and 5.7 minutes in 24 games. Acquired by Portland in a draft day trade on June 24, 2010, he also averaged 20.1 points and 7.4 rebounds in 14 games with the NBA D-League's Idaho Stampede.

Williams, 22, missed his rookie 2010-11 season due to surgeries on both knees. Portland selected him with the 22nd overall pick in the first round of the 2010 NBA Draft out of Memphis.

The Portland Trail Blazers have notified the management team of Greg Oden that they will extend the qualifying offer to him. Oden will become a restricted free agent.

If Oden does not sign a free agent contract, he will play the 11-12 season under a one-year, $8.8 million deal.

Raymond Felton, who turned 27 Sunday and was serenaded with "Happy Birthday" by a group of children when he arrived, was quickly asked about staying with Portland after he becomes an unrestricted free agent after the 2011-12 season.

“I definitely want something long-term here,” Felton said.

Blazers interim general manager Chad Buchanan said Portland, under current collective bargaining rules, would have an advantage in trying to retain Felton after he becomes a free agent next summer. The Blazers would hold what's called "early Bird rights" to Felton, which would allow them to raise his salary 10.5 percent each season, whereas other teams would only be able to increase it by 8 percent each season.

The Portland Trail Blazers have acquired a future second round pick from the Minnesota Timberwolves in exchange for the draft rights to forward Tanguy Ngombo, it was announced today by the team.

Selected by Dallas with the 57th overall pick in the second round of last week's draft, Portland gained the draft rights to Ngombo as part of the trade that sent guard Rudy Fernandez to the Mavericks.

The Portland Trail Blazers have acquired guard Raymond Felton from the Denver Nuggets in exchange for guard Andre Miller, while sending Rudy Fernandez and Petteri Koponen's NBA rights to Dallas as part of a three-team trade.

Portland also acquired the draft rights to Jordan Hamilton (taken 26th overall) and Tanguy Ngombo (taken 57th overall) from Dallas for Fernandez and Koponen. Hamilton's rights were then sent to Denver as part of the Felton trade and Portland is currently in discussions to trade Ngombo's rights.

"I want to acknowledge our basketball personnel staff for their hard work and thorough preparation for tonight's NBA Draft," said Trail Blazers Owner Paul Allen. "I thought it was a very good night for the Portland Trail Blazers and our fans.

"I also want to thank both Andre Miller and Rudy Fernandez for their contributions to the team these past few seasons and wish them all the best for the future."

Rudy Fernandez will be traded to the Mavericks for Jordan Hamilton, with that pick being conveyed to Denver as part of the Raymond Felton for Andre Miller trade.

According to Marc Spears of Yahoo!, the Blazers and Nuggets are holding serious talks concerning a swap of Raymond Felton for Andre Miller.

They would also swap first round picks.

The Magic and Blazers are holding discussions centered around a trade of Andre Miller and the No. 21 overall pick for Jameer Nelson.

Portland has been attempting to unload their first round pick in exchange for immediate veteran help.

The Blazers have been one of the more prolific teams in recent drafts, but may instead elect to make a trade for another veteran.

"We're trying to make that next step in the playoffs and adding a rookie into an important position on your team, that's always a risk," interim general manager Chad Buchanan said. "Now, long-term, it can be beneficial. But we fell like we're close to being a team that can make a fairly deep run in the playoffs and we want to make sure whatever we're adding is going to help us do that."

Portland's needs are at point guard, power forward and center.

"Activity is picking up," Buchanan. "A lot of it has been us making calls in recent weeks. But I think we've got some interest around the league on a few of our players. They're reaching out to us to see how available they might be."