The Cleveland Cavaliers may have traded Ricky Rubio to the Indiana Pacers at the trade deadline, but they still want to see him Cleveland next year. The Cavs hope to sign Rubio in free agency this summer. One source even called Rubio returning to Cleveland "highly likely".
Because the Indiana Pacers did not waive Rubio after acquiring him at the deadline, he'll be eligible to re-sign with Cleveland. If a team trades for and then waives a player, that player can't re-sign with the original team for one year. In this case, Rubio's contract will expire, and he'll be a free agent eligible to sign with the Cavs.
Cleveland traded Rubio as an expiring contract to get Caris LeVert. The Cavaliers also sent the Pacers a lottery-protected first round pick in the trade.