After clearing waivers on Friday, Baron Davis has committed to playing the shortened 2011-12 season with the New York Knicks.
The deal is reportedly for one year and $2.5 million, according to SI.com.
The Knicks have already bolstered their frontcourt this season by signing Tyson Chandler. But in need of help in the backcourt, they have added Davis, along with Mike Bibby, who spent last season with Miami.
Davis, a two-time All-Star, will not be ready for action on Christmas Day, when the NBA season officially gets under way, because of a back injury that the Cavaliers believed would sideline him for eight to 10 weeks.
Whether Davis is able to play or not, he will still rake in $27 million of the $30 million in guaranteed money from his contract with the Cavaliers.
Cavs general manager Chris Grant issued a statement regarding Davis' release on Wednesday.
"We would like to thank Baron for his contributions to the team during his time in Cleveland," Grant said. "He has been an absolute professional since the day he joined the Cavs and we now wish him the best in the future."