Dellavedova's signature shoe, the "Delly 1," will be released in his home country of Australia later this year.
"PEAK Australia approached me nearly two years ago with the idea of introducing a basketball shoe into the Australian market," Dellavedova said, per PEAK Australia. "From there, talks became more serious in the past year, and PEAK worked hard on developing a shoe that offers the type of reliability and performance that drives me every day."
The Aussie point guard's fame rose during Cleveland's run to the NBA Finals last year. With Kyrie Irving out with a fractured kneecap, Dellavedova entered the starting lineup and scored 20 points in a 96-91 Game 3 victory against the Golden State Warriors.
His play allowed him to return to the Cavs on a one-year deal he signed last summer.
"Matthew offers the type of characteristics that we want people to associate with our brand," said PEAK Australia managing director Greg Bickley. "He is already such a fantastic role model to the basketball community in Australia, and it's our hope that through this global partnership with PEAK, Matthew will become a household name throughout the 70-plus countries that PEAK are located in."
The NBA has made it a priority to expand its global outreach, and it helps to have a player like Dellavedova representing an entire continent. This is a well-deserved deal for Dellavedova, who went from being undrafted out of Saint Mary's College to becoming an important player for Cleveland's title chances.