In addition, Cleveland waived forward J.R. Reid and guard Michael Hawkins to make room for Jackson, who was not expected to arrive in Cleveland in time for Tuesday night's game against the Houston Rockets.
Jackson, a 6-foot-6 guard, is joining his sixth team and has averaged 17.4 points a game during his nine seasons in the league. He was an All-American at Ohio State before turning pro in 1992.
With 7-foot-3 center Zydrunas Ilgauskas out indefinitely with a broken foot, the Cavs were looking for some scoring help and the 30-year-old Jackson, who can post up smaller guards, should be a nice fit.
Jackson, twice the Big Ten's Player of the Year at Ohio State, was originally drafted by the Dallas Mavericks in 1992. He has also played for New Jersey, Philadelphia, Golden State and Portland.
He averaged 14.3 points in 17 games this season for the Hawks. He has been on the injured list twice this season and has missed 13 games because of a sprained right knee. Jackson scored a season-high 34 points against the Los Angeles Clippers on Nov. 10.
The Cavs have been shopping Knight for the past year after he lost his starting job to Andre Miller.
Selected in the first round of the 1997 draft by Cleveland, Knight underwent surgery on his right knee in August and has been bothered by soreness most of this season. Knight appeared in just six games with the Cavs.
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