Wiggins, who receives $5.5 million under the terms of the deal, is the subject of ongoing trade talks with the Minnesota Timberwolves centered around All-Star forward Kevin Love. The Cavaliers have not officially confirmed Wiggins is part of the deal, but sources around both teams imply the former Kansas star is indeed available if the Love trade can be consummated.
Per NBA rules, rookies cannot be traded for 30 days after signing a contract.
The Cavaliers also signed second-round pick Joe Harris, the 33rd overall pick in June, to a deal.
In two seasons together with the Miami Heat, Allen and James have formed a close bond. After the San Antonio Spurs defeated the Heat for the NBA title, James and Allen vacationed together the week after the NBA Finals.
Cleveland can find room under the salary cap depending on how the Cavaliers' pursuit of Minnesota Timberwolves forward Kevin Love pans out.
Former James teammates Mike Miller and James Jones signed with the team this month.
The Dallas Morning News reported the 6-foot Nelson, a free agent, was expected to take a physical and sign with the Mavs for their cap-room exception of $2.7 million.
Dallas has been in the market for another veteran floor leader help fill the void created by Jose Calderon's exit in June. The Mavericks had to part with Calderon to reacquire center Tyson Chandler in a trade with the New York Knicks. Nelson has spent all 10 years of his career with Orlando. Nelson, the 20th pick of the 2004 draft, averaged 12.1 points, 7.0 assists and 3.4 rebounds last season in 68 games with the Magic.
The Orlando Magic signed second-round guard Devyn Marble, the team announced Thursday.
Terms were not disclosed, but the deal reportedly is a partially guaranteed three-year contract.
The draft rights to Marble (56th overall pick), along with guard Evan Fournier, were acquired from Denver in exchange for guard Arron Afflalo on June 26. Marble played in 136 career games during four years at the University of Iowa, averaging 12.5 points, 3.4 rebounds, 2.9 assists and 1.29 steals in 27.6 minutes per game.
The Phoenix Suns waived guard Dionte Christmas, the team announced Thursday.
In his rookie NBA season of 2013-14, Christmas averaged 2.3 points, 1.2 rebounds and 6.4 minutes in 31 games. Christmas also played with the Suns' entry at NBA Summer League 2014 in Las Vegas earlier this month, averaging 10.6 points and 5.6 rebounds in five games.
(Editing by Steve Keating in Toronto)