LeBron James welcomes Derrick Rose to Cleveland

Former NBA MVP Derrick Rose and the Cleveland Cavaliers have agreed to a one-year veteran minimum contract worth US$2.1 million (AU$2.6 million). Rose had reportedly narrowed his choices to the Cavs and Los Angeles Lakers before settling for the reigning three-time Eastern Conference champions.

Rose, 28, is coming off a bounce back season with the New York Knicks after dealing with years of persistent ankle and knee injuries. The point guard averaged 18.0 points, 4.4 assists and 3.8 rebounds per game -- his best overall season since the 2011-12 season with the Chicago Bulls. Rose also shot 47.1 percent from the field -- his best field goal percentage since the 2009-10 season.

According to ESPN's Chris Haynes, the Cavs view the Derrick Rose signing as an insurance cover in the aftermath of star point guard Kyrie Irving's trade request. Though the Cavs are not obligated to trade Irving before the 2017-18 season, Rose could easily fill-in as the starting point guard.

Kyrie Irving trade could give Derrick Rose starting job

"Additionally, in the wake of the news that Kyrie Irving wants out of Cleveland, a starting point guard spot could be up for grabs," Haynes writes. "Provided Irving secures his request, Rose's partnering up with LeBron James could keep the Cavaliers afloat as a contender."

Though Rose isn't an MVP-calibre player anymore, he has shed off his injury-prone reputation by appearing in more than 80 percent of the games for Chicago and New York over the last few seasons. Between the 2011-12 and 2014-15 seasons, Rose played a grand total 100 regular season games due to recurring injuries.

The Bulls traded Rose's expiring contract to the New York Knicks last offseason while acquiring centre Robin Lopez, veteran guard Jose Calderon second-year guard Jerian Grant. At the time, the Knicks considered Rose as a long-term solution at the point guard position. However, those plans changed midway through the season. The Knicks recently drafted French guard Frank Ntilikina to play the 1 spot in the long run.

Meanwhile, LeBron James took to Twitter to welcome Derrick Rose to Cleveland.