The following is a press release via the Cleveland Cavaliers:

CLEVELAND – The Cleveland Cavaliers have reached a buyout agreement with forward Kevin Love, Cavaliers President of Basketball Operations Koby Altman announced today. Love was the longest tenured member of the Cavaliers, playing in his 9th season with the franchise.

Love (6-8, 247), has appeared in 489 games (380 starts) with the Cavaliers since being traded to Cleveland on Aug. 23, 2014, marking the 12th-most games in team history. In his nine seasons in Cleveland, Love posted averages of 15.7 points, 9.2 rebounds and 2.2 assists in 28.5 minutes and ranks 2nd in team history in three-pointers made (1,096 3FGM), 3rd in defensive rebounds (3,720 DREB), 6th in total rebounds (4,493 REB) and 9th in total points scored (7,663). Love was also a member of the Cavaliers 2016 NBA Championship team and appeared in 63 playoff games (62 starts), averaging 15.3 points, 9.7 rebounds and shooting a .404 three-point percentage in 31.1 minutes during his postseason career. His 63 postseason appearances with Cleveland are the 6th-most playoff games in team history. Love appeared in 41 games (three starts) this season, averaging 8.5 points and 6.8 rebounds in 20.0 minutes on the year.

“Kevin Love had an outstanding run with the Cavaliers, including memorable on-court moments, four NBA Finals appearances and an NBA Championship in 2016,” said Altman. “Kevin represented the organization and the city of Cleveland with the utmost charm and professionalism during his nine seasons in Northeast Ohio.  He also embodied everything a franchise would want in a player, and the admiration and gratitude we have for him will ultimately land his jersey in the rafters of Rocket Mortgage FieldHouse. We thank Kevin for his impact and wish him nothing but the best, knowing that he has solidified his place in the hearts of Cavaliers fans and this organization forever.”

Over his 15-year NBA career, Love has played in 853 games (662 starts) with Minnesota and Cleveland, owning career averages of 17.2 points, 10.5 rebounds and 2.3 assists in 30.4 minutes per contest while also shooting .372 from the three-point line. A five-time NBA All-Star (2011, 2012, 2014, 2017, 2018), Love was named an All-NBA Second Team selection in 2012 and 2014. He was also the NBA’s Most Improved Player in 2011, was the NBA league leader in rebounds in 2011 and selected to the NBA All-Rookie Second Team in 2009. Love is 1 of 4 players in NBA history to record 14,000 points, 8,000 rebounds, 1,500 assists and 1,500 three-pointers made (LeBron James, Dirk Nowitzki and Jason Kidd). Love was drafted 5th overall by the Memphis Grizzlies in the 2008 NBA Draft after one season at UCLA (2007-08).

Cleveland’s roster now stands at 16 players, including two Two-Way players.

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According to multiple reports, Love's suitors on the open market include the Miami Heat (the front-runner), Philadelphia 76ers and others.