According to ESPN.com's Zach Lowe on Saturday, the Blazers have "investigated [Porter's] availability" and have put their first-round pick "in play" for a potential trade.
Lowe added that the Blazers look like a buyer heading toward the Feb. 7 trade deadline.
While the Blazers aren't officially linked to him, Lowe also wrote that Atlanta Hawks small forward Taurean Prince would be a logical target for them.
Per Lowe, the Blazers aren't looking for a rental, which would make both Porter and Prince good fits.
Porter is signed for one more season beyond 2018-19 before a player option kicks in for 2020-21. Meanwhile, Prince is signed for 2019-20 before becoming a restricted free agent.
According to Spotrac, Porter is making $26 million this season and will make over $27 million next season.
The 25-year-old Porter has battled through some injuries this season and is currently nursing a sprained left big toe.
In 39 games, Porter is averaging 12.5 points, 5.5 rebounds, 1.9 assists and 1.5 steals. He is also shooting 45.8 percent from the field and 37.5 percent from three-point range.
The 2013 No. 3 overall pick's numbers are down compared to the career year he enjoyed last season.
In 2017-18, Porter averaged 14.7 points, 6.4 rebounds, 2.0 assists and 1.5 steals per game while shooting 50.3 percent from the floor and 44.1 percent from deep.
Porter was far more effective in January than he was earlier in the season, though, after point guard John Wall was lost for the remainder of the campaign due to injury.
During a seven-game stretch in January, Porter scored 19 or more points on five occasions.
He would seemingly be a great addition to Portland's current "Big Three" of guards Damian Lillard and C.J. McCollum, as well as rapidly improving center Jusuf Nurkic.
Al-Farouq Aminu has also been productive for Portland at power forward, but the combination of Maurice Harkless and Jake Layman at small forward has left something to be desired.
At 32-20, the Blazers are fourth in the Western Conference behind only the Golden State Warriors, Denver Nuggets and Oklahoma City Thunder.
A trade for Porter would possibly involve Evan Turner and one of Harkless or Meyers Leonard going the other way to make salaries match.
Since all three players are signed for one more season, Portland would likely have to add some sweeteners in the form of picks or promising young players such as Zach Collins.