The reported contract is non-guaranteed and the Cavaliers or Warriors could waive McCaw by Jan. 7 and not pay the remainder of his salary. This would allow him to become an unrestricted free agent.
The 23-year-old reportedly rejected a two-year, $5.2-million deal to stay with the Warriors this summer, as well as his $1.7-million qualifying offer.
If the Warriors choose to match the Cavaliers' offer sheet for the disgruntled guard, it will increase their tax bill from $50.3 million to $61.6 million, according to ESPN's Bobby Marks.
McCaw averaged four points in 57 appearances for the defending champions last season.