According Shams Charania of The Vertical, the Cavs and former league MVP Derrick Rose have to terms on a one-year contract worth $2.1 million.
Rose will reportedly have dinner with new Cavs GM Koby Altman Monday night and plans to sign his contract on Tuesday.
The 28-year old Rose averaged 18 points, 4 assists and 3 rebounds playing in 64 games for the New York Knicks.
Rose had season-ending knee surgery in April but has recovered and expects only a short-term deal in free agency.
A source close to Rose told Cleveland.com last week that the 2011 NBA MVP likes Cleveland because of the opportunity to reach the NBA Finals next season.
Rose would be paired with LeBron James as a potential replacement for Kyrie Irving, who asked the Cavaliers to trade him during a recent meeting with team owner Dan Gilbert.
Irving, 25, reportedly no longer wishes to play alongside James after being teammates with the superstar for three seasons and would like to join a team where he could be more of a focal point.
The Cavaliers have been getting multiple trade calls and offers for Irving in recent days but do not yet have traction on a possible deal, ESPN reported Monday.