The Suns and Cavaliers have agreed on a trade that would send Shaquille O'Neal to Cleveland for Ben Wallace, Sasha Pavlovic, the 46th pick in Thursday's NBA draft and $500,000.

ESPN.com reported an agreement has been made in principle and the announcement will come Thursday. The Suns currently hold the No. 14, 46, 48 and 57 picks.

The 37-year-old O'Neal was a third-team all-NBA pick after he averaged 17.8 points and 8.4 rebounds per game, but the deal is purely financial for Phoenix. Pavlovic is expected to be bought out, and Wallace, 34, is coming off an injury-filled season which has led to the possibility he'll retire or be bought out as well.

The Suns will save $9 million on the deal, more if Wallace and the team comes to a buyout agreement.

The Cavaliers were looking for frontcourt help for LeBron James after getting bounced in the Eastern Conference finals this season.