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Dwyane Wade officially signs with the Cavaliers

In a statement, Wade expressed his excitement in teaming up with LeBron James again.

NBA: Brooklyn Nets at Chicago Bulls Mike DiNovo-USA TODAY Sports

It’s official: Dwyane Wade is a member of the Cleveland Cavaliers.

On Wednesday evening, after Wade cleared waivers, the Cavs announced that Wade had signed with them in a press release. The team did not detail the length or value of his contract, but it is reportedly a one-year, $2.3 million deal.

In the statement, Wade issued the following statement:

I've always dreamed of playing for the Chicago Bulls and I feel so fortunate to have fulfilled my dream this past year. The team is now heading in a different direction, which has made me reevaluate where I need to be in this phase of my career. Being a part of a team that is in the process of rebuilding doesn't align with where I want to be right now no matter how difficult that decision may be.

In the hopes of pursuing a fourth championship, I've reached a deal with the Chicago Bulls and I am excited to share that I will be joining the Cleveland Cavaliers this season. There's no better place to be right now to continue to play and compete at the highest level. Cleveland believes in my talents and what I can bring to a championship contender both as a player and leader. I look forward to reuniting and playing alongside my brother LeBron. We’ve already won two championships together and I hope we win a third.

This was an incredibly difficult decision and I am very grateful to the Bulls organization, my fans and the Chicago community for welcoming me home with open arms. It meant so much to me seeing my mom on the sidelines cheering me on as a Bull. I am so proud of the work we have been doing in the community and we plan to continue these efforts. It's been an honor and a privilege to play for my hometown. Chicago holds a very special place in my heart and will always be home to me.

Wade is expected to practice with the team on Thursday. He averaged 18.3 points per game last season with the Bulls.