According to Michael Lee of the Washington Post, the Washington Wizards have reached a buyout agreement with Zydrunas Ilgauskas.
A source told Lee that an announcement is expected today. The terms include Ilgauskas paying back between $1 million and $1.5 million of his $11.5 million contract.
The Cavs traded Ilgauskas to Washington as part of a three-team trade that sent Antawn Jamison to Cleveland.
Ilgauskas has to wait 30 days to play for Cleveland, which would be on March 21. He can sign and play for another team immediately.
The Denver Nuggets are expected to strongly pursue Ilgauskas.
Mark Warkentien, vice president of basketball operations for Denver, has been in touch with Ilgauskas' agent Herb Rudoy. Warkentien previously served as Cleveland's director of player personnel.
"He had a great relationship with 'Z' (back in Cleveland)," Rudoy told the Post. "Mark has been very aggressive to convince me to convince 'Z.' "