Dwyane Wade is planning to sign with the Cavaliers once he formally clears waivers on Wednesday, ESPN's Adrian Wojnarowski reports. Wade's deal will be for one year and will pay him $2.3 million, per The Vertical's Shams Charania.
On Sunday, Wade reached a buyout agreement with the Bulls after spending one season in Chicago. Wojnarowski reported Sunday that the Cavaliers, Spurs, Heat and Thunder were all potential destinations for Wade.
If Wade does indeed sign with Cleveland, Cleveland.com's Joe Vardon is reporting that the Cavaliers would likely try to trade one of the 15 players they currently have under contract to avoid additionally luxury tax penalties that would come with placing a player on waivers to make room for Wade.
Wade's contract will pay him less than the veteran minimum of $2.55 million, a deal the Cavaliers struck to avoid additional luxury tax penalties. Wade will still make more than $18 million this season, as he will earn $16 million of the $23.8 million he was owed by Chicago for 2018-18 as part of the buyout agreement.
Wade, 35, played four years with James when both were members of the Miami Heat. The two reached four finals together, winning two, and remain close friends.
Last season, Wade averaged 18.3 points, 4.5 rebounds and 3.8 assists in his 14th year in the league. He is a 12-time All-Star and three-time champion.