The Cleveland Cavaliers have agreed to release Mike Miller and Brendan Haywood to the Portland Trail Blazers in a trade deal that is expected to provide the team much-needed tax relief and extra cushion for future plans, reported ESPN.

Under the deal, the Blazers are seen to cut Haywood try to work a buyout with Miller as future options. The Cavs also gave the Blazers its two future second-round options in exchange for facilitating the deal and free up some of its cap space.

The move allows the Cavs with two trade exceptions amounting to $13.44 million, including one for $10.5 million, the largest active trade exception in the National Basketball Association. The Cavaliers are also expected to receive some cash following the completion of the trade deal.

Since the end of the 2014-2015 season, the Cavaliers are looking to trade Haywood's non-guaranteed contract if waived by August 1 but could not find an ideal offer. The Cavs are preferred a player-based and is also concerned about the luxury tax. It changed its offers to trade exception and fortunately, the Blazers took the offer.

The Cavs used the same tactic of trade exception when it acquired Timofey Mozgov from the Denver Nuggets in January this year.

Millers averaged 5.6 points in the last season and was 33 percent from the three-point range because of limited playing time.

On Monday, the Cavaliers signed guard Matthew Dellavedova to 1-year, $1.2 million contract, the Marietta Times said. Delladova played a crucial role for the Cavs in the post season after All-Star guard Kyrie Irving was injured.

The Australian ball player, also known as "Delly", is popular among Cleveland fans because of the energy, intensity and attitude that he brings on court. He started 13 games with the Cavs during the regular season but had to step up to a major role in the playoffs following Irving's injury.

Delladova contributed 19 points with the Cavs in a series-clinching victory against the Chicago Bulls in the second round of the season. He scored 20 points in Game 3 of the NBA Finals against the Golden State. He averaged 7.2 points and 2.7 assists in the playoffs in 24.9 minutes of playtime.

Dellavedova played in 67 games during the regular season, averaging 4.8 points, 3.0 assists and 1.9 rebounds in 20.6 minutes. He shot a career-high .407 percentage from the 3-point line.