According to Yahoo Sports' Shams Charania, Preston and the Cavaliers agreed to terms Saturday after the ex-Kansas Jayhawk went undrafted Thursday night.
Presott arrived in Lawrence, Kansas, last fall as a potential game-changer for a program that had its sights set firmly on a national championship. According to 247Sports, the Oak Hill Academy product was the 20th-ranked player overall and eighth-ranked power forward in the class of 2018.
However, Preston never hit the hardwood for the Jayhawks because of eligibility concerns that stemmed from questions about the car he was driving after he was involved in a single-car accident.
The 20-year-old subsequently left Kansas and joined BC Igokea of the Adriatic League. He played three games before leaving the Bosnian club.
"Billy's first-round talent and we've had more than one team tell us that," Kansas head coach Bill Self told KUSports.com's Matt Tait. "But they haven't seen him. [That] hurt him. There's no question about that, as far as the draft goes. But what happens in 2018 isn't going to define whether you're a pro in 2026 and the objective is to have a career not a paycheck."