On Wednesday, Wade used Twitter to discuss leaving his hometown Chicago Bulls for a chance to play where he said "there's no better place to be right now":
Wade will wear No. 9, as he did in the 2008 Olympics, per ESPN's Dave McMenamin.
Wade agreed to a buyout with the Bulls on Sunday, and ESPN's Adrian Wojnarowski reported he signed a one-year deal worth $2.3 million with the Cavs on Wednesday after clearing waivers.
Joining the Cavaliers reunites Wade with LeBron James. The duo shared the floor together for four seasons with the Miami Heat from 2010 to 2014, winning two championships in four trips to the NBA Finals.
Wade is still a productive scorer who will benefit from pairing with James again. His 18.3 points per game in 60 contests last season would have ranked third among players who remained on Cleveland's roster for the 2017-18 campaign, behind James (26.4) and Kevin Love (19.0).