The Vertical's Shams Charania reported the deal is for one year at the veteran's minimum.
Calderon, 35, spent the 2016-17 season split between the Los Angeles Lakers and Atlanta Hawks. In 41 total appearances, including 13 starts, the Spaniard averaged 3.4 points and 2.1 assists per game on 41.0 percent shooting from the field, including 31.3 percent from three.
The Cavaliers needed to address their backup point guard spot with Deron Williams being an unrestricted free agent, and Calderon fits the bill as a low-cost veteran who reads the floor well and performs capably in spot-up situations.
Although his splits left something to be desired last season, Calderon—who is a 40.9 percent three-point shooter for his career—still knocked down 35.3 percent of his catch-and-shoot attempts from beyond the arc, per NBA.com's player tracking data.
The season prior, that number settled at 42.8 percent.
In other words, Calderon is a natural fit for the Cavaliers, who already lean on Kyrie Irving and LeBron James to do the bulk of the ball-handling and playmaking.