The 28-year-old met with the Cavaliers and completed his physical exam Monday.
Rose could start for the Cavs if they trade Irving, per the starting point guard's request, but he reportedly isn't picky about his role and just wants to help the East's top club win. It's believed he's excited to play with LeBron James, and the feeling is mutual, according to The Vertical's Shams Charania, who was first to report the signing Monday night.
Following seven seasons with the Chicago Bulls, Rose was traded to the New York Knicks last summer. Though injuries have robbed him of much of his explosion and athleticism, he's still a crafty scorer who averaged 18 points, 4.4 assists, and 3.8 rebounds over 64 games with the Knicks. He infamously went MIA for a brief period during the campaign, and was shut down in early April after suffering a torn meniscus in his left knee that required surgery.
The veteran's minimum deal, which Rose is expected to ink Tuesday, falls well short of the payday he was hoping for after earning 10 times as much in salary last year. It could be worth it, though, if the 2011 MVP can find success with the Cavaliers in their bid to make their fourth straight trip to the NBA Finals and avenge their most recent defeat to the Golden State Warriors.
The signing will cost Cleveland $6.4 million in luxury tax, with the bill now reaching $78.2 million, as calculated by ESPN's Bobby Marks.
Cleveland also signed veteran floor general Jose Calderon earlier this offseason, but Rose would presumably have the edge over the 35-year-old Spaniard as Irving's replacement.