The team made the announcement Tuesday. The Charlotte Bobcats will have three days to match the offer.
The 6-foot-8, 230-pound Cunningham averaged 9.0 points and 4.0 rebounds in 22 games for the Bobcats last season after a Feb. 24 trade from Portland. He shot 51 percent from the field and averaged 24 minutes with Charlotte.
Overall, the 24-year-old Cunningham averaged 6.2 points and 3.6 rebounds on 46 percent shooting in 78 games last season. He made 18 starts.
The Trail Blazers selected Cunningham out of Villanova in the second round (33rd overall) of the 2009 draft.