- Today - Thon Maker, previously with the Cleveland Cavaliers, became a free agent.
- Jan 14, 2021 - James Harden was acquired by the Brooklyn Nets in exchange for Jarrett Allen, Rodions Kurucs, Caris LeVert, Taurean Prince, the draft rights to Aleksandar Vezenkov, a Swap 2021 1st round picks, a 2022 1st round pick (BRK own), a Swap 2023 1st round picks, a 2024 1st round pick (BRK own), a Swap 2024 2nd round picks, a Swap 2025 1st round picks, a 2026 1st round pick (BRK own) and a Swap 2027 1st round picks. Jarrett Allen, Taurean Prince, the draft rights to Aleksandar Vezenkov and a Swap 2024 2nd round picks were acquired by the Cleveland Cavaliers in exchange for Dante Exum, a conditional 2022 1st round pick (MIL own) and a TPE. Dante Exum, Rodions Kurucs, Caris LeVert, a Swap 2021 1st round picks, a 2022 1st round pick (BRK own), a conditional 2022 1st round pick (MIL own), a Swap 2023 1st round picks, a 2024 1st round pick (BRK own), a Swap 2025 1st round picks, a 2026 1st round pick (BRK own), a Swap 2027 1st round picks and a TPE were acquired by the Houston Rockets in exchange for James Harden and a TPE.
- Jan 14, 2021 - The Cleveland Cavaliers renounced their free-agent exception rights to Ante Zizic.
- Jan 14, 2021 - The Cleveland Cavaliers renounced their free-agent exception rights to Channing Frye.
- Jan 14, 2021 - The Cleveland Cavaliers placed the contract of Thon Maker on waivers.
- Jan 14, 2021 - Yogi Ferrell, previously with the Cleveland Cavaliers, became a free agent.
- Jan 14, 2021 - The Cleveland Cavaliers terminated the 10 day contract for Yogi Ferrell.
- Jan 11, 2021 - Yogi Ferrell signed a contract with the Cleveland Cavaliers.