The second season of the deal has $1 million of the $5 million guaranteed, a source said.
Kaman has a history with Blazers general manager Neil Olshey, who coached him as a member of the Los Angeles Clippers staff. The Blazers had discussed deals with free agents Channing Frye and Spencer Hawes, but made the move to reach an agreement with Kaman on Thursday sources said.
Kaman gives Portland a 7-foot presence to back up starting center Robin Lopez.
Kaman, 32, played for the Los Angeles Lakers last season, but largely fell out of favor with ex-coach Mike D'Antoni. Kaman averaged 10.4 points and 5.9 rebounds in nearly 19 minutes a game.