Report: Wade, Cavs agree on 1-year, $2.3M contract

To little surprise, part of the Banana Boat Crew will ride the waves of Lake Erie.

Dwyane Wade and the Cleveland Cavaliers have reached agreement on a one-year, $2.3-million dollar contract, sources told The Vertical's Shams Charania.

The number constitutes the veteran's minimum. Wade reached a buyout agreement with the Bulls over the weekend, walking away with a reported $15 million.

The reported deal comes the day Wade cleared waivers with the Chicago Bulls, providing a quick solution to his free agency. Teaming up with LeBron James again has been something both players had talked openly about since James left the Miami Heat in 2014.

Wade - who turns 36 in January - has seen his game slip a bit in recent seasons, but his signing will add even more depth to a somewhat crowded backcourt that includes Isaiah Thomas, J.R. Smith, Derrick Rose, Kyle Korver, Jose Calderon, and Iman Shumpert. With Thomas expected to be on the shelf until the new year, Wade could see minutes at the point with LeBron's first unit.

While Wade has never been a distance shooter, he did hit 31 percent of his shots from beyond the arc last season, second-best of his career.