With the move, the Cavs trim their final roster size down to 15 with the season set to begin on Tuesday.
The Hawks will send back European draft rights.
The Vertical's Shams Charania first reported the two sides were "in advanced talks" on Friday afternoon. "Certainly, both RJ and Kay are two guys we also wanted to have here with us this season", said Altman. A member of the Cavaliers' 2016 National Basketball Association championship team, Jefferson appeared in 35 postseason games for Cleveland and averaged 4.8 points and 2.8 rebounds in 16.0 minutes.
Beyond the roster implications, the trade has significant financial implications for the defending Eastern Conference champions.
The Hawks are expected to waive Jefferson and Felder and keep the two second-round picks.
Jefferson will become a free agent and it will be very interesting where is the next destination for him.
And while Jefferson is nearing the end of his time in the Association, he proved throughout the 2016-17 campaign that he still has gas left in the tank.
The 37-year-old Jefferson averaged 5.7 points and 2.6 rebounds in 79 games last season. His steady leadership, great attitude, dependability and performance helped us win an NBA Championship and we are grateful for all of his contributions on the court and within our locker room. The Cavaliers signed Felder to a non-guaranteed deal worth $1.3 million for the coming season. Basically, the Cavaliers were looking to dump salary to reduce their luxury-tax bill and the Hawks accommodated them for the price of a second-round pick in the 2019 and 2020 drafts plus cash.
As to where both players will land, it's hard to tell for Felder but Jefferson could retire or join a Golden State Warriors, San Antiono Spurs, OKC Thunder or Houston Rockets.