Portland will also send $1.5 million to Los Angeles in the trade and is responsible for $2 million in incentives Camby will earn before season's end, sources told ESPN The Magazine's Ric Bucher on Tuesday.
All three players traded are in the final years of their respective deals.
"I think it's a great situation for myself. It's a first-class organization that really takes care of their own," Camby said. "I hope I can bring my knowledge of the game, and blend in these last 27 games. I'm really excited to be here."
In Portland, Camby will team with another veteran in Juwan Howard to solidify the Blazers' post. The lanky veteran is a former defensive player of the year and two-time member of the NBA all-defensive team.
"We are very excited to bring an experienced big man of Marcus' caliber to the team and we feel he'll help us a great deal down the stretch run," Blazers general manager Kevin Pritchard said. "He's a fierce competitor and has been one of the league's best defensive players for quite some time."
There has been a season-long debate in Portland over whether Blake or Andre Miller, whom the Blazers signed as a free agent last summer, is a better fit at point guard next to All-Star shooting guard Brandon Roy.
Camby said he was looking forward to playing again with Miller. While in Denver, Camby and Miller played on three NBA playoff teams from 2003-05.
"I love to play with Andre Miller because he is so unselfish," Camby said.
Outlaw, meanwhile, has not played since breaking his left foot in mid-November and is just on the verge of returning to action.
Blake and Outlaw will not play on Tuesday night but will fly home with the team and take physicals on Wednesday morning.
The 35-year-old Camby is the league's second-leading rebounder (12.1) on an underachieving Clippers team that has lost four straight and fallen out of the Western Conference playoff race.
Camby said "it was kind of shocking" when he first heard of the trade Monday night, because he was in Portland with the Clippers at a sponsor's dinner.
"I only brought one change of clothes," said Camby, who won't play for the Blazers until Friday's home game against Boston. "It's been a real rough, rough 24 hours for me, but real exciting at the same time."
Portland is currently clinging to the eighth and final playoff spot, with Roy missing Sunday's All-Star Game in Dallas because of a nagging hamstring injury.
Blake, a 6-foot-3 guard, is putting up 7.6 points and 4.0 assists per game. He's coming off a 20-point, 12-assist game in a win over the Suns before the All-Star break.
Camby said the next two months would be a good test as to whether he fits with the Blazers.
"Hopefully things work out for myself and work out for the team. Hopefully they have plans for me in the long term," he said.
Ric Bucher covers the NBA for ESPN The Magazine. Information from ESPNLosAngeles.com's Ramona Shelburne and The Associated Press was used in this report.