A rotary cutting tool (20) for reaming operations, including a generally cylindrically shaped tool shank (22) with a longitudinal axis (Al) having a plurality of radially protruding and generally axially extending clamping wings (38), and a cylindrically shaped cutting head (24) having a central bore (58) and a plurality of axially extending cutting edges (62) with an outer cutting diameter (D). The central bore (58) has a plurality of circumferentially and alternately spaced bore sectors (70) and bore recesses (72), where each bore sector (70) has an outwardly inclined female clamping surface (74) in clamping contact with an outwardly inclined male clamping surface (40) of each clamping wing (38). A cylindrical shaped locking sleeve (26) and a cylindrical shaped clamping nut (28) assembled to the tool shank (22) provide a means to adjust the clamping contact forces and the cutting diameter (D) of the cutting head (24), and also enable removal and replacement of the cutting head without removal of the locking sleeve (26) and clampingnut (28).