POSTED: Jul 1, 2015 8:30 PM ET
A person with knowledge of the situation tells The Associated Press that Iman Shumpert has agreed to terms on a four-year, $40 million contract that will keep him in Cleveland.
Shumpert and the Cavaliers came to agreement on Wednesday evening. The person spoke on the condition of anonymity because the deal has not been announced. A contract cannot be signed until July 9.
Shumpert came to the Cavaliers with J.R. Smith in a trade midseason with the New York Knicks. Shumpert's perimeter defense helped LeBron James take an injury-plagued team to the NBA Finals.
Shumpert averaged 7.2 points and 3.8 rebounds in 38 games with the Cavaliers in the regular season.