Dwyane Wade has signed a one-year, $2.3 million contract with the Cleveland Cavaliers.

Wade cleared waivers at 5 PM ET on Wednesday following his buyout by the Chicago Bulls.

Wade is expected to report to the Cavaliers' evening practice session Wednesday.

"There's no better place to be right now to continue to play and compete at the highest level. Cleveland believes in my talents and what I can bring to a championship contender both as a player and leader. I look forward to reuniting and playing alongside my brother LeBron (James)," Wade said in a statement. "We've already won two championships together and I hope we win a third."