Three-time NBA champion Dwyane Wade has officially committed to the Cleveland Cavaliers, signing his one-year, $2.3M deal with the team Wednesday evening. He is expected to begin practicing with the team almost immediately. Via ESPN:

After clearing NBA waivers at 5 p.m. ET, 12-time All-Star guard Dwyane Wade has signed a one-year, $2.3 million contract with the Cleveland Cavaliers, league sources told ESPN.

Wade is expected to report to the Cavaliers evening practice session Wednesday.

The signing means a reunion for Wade with LeBron James three years after the two split ways after winning two titles with the Miami Heat.

Wade released a statement on Wednesday about his decision to join the Cavs:

"I've always dreamed of playing for the Chicago Bulls and I feel so fortunate to have fulfilled my dream this past year. The team is now heading in a different direction, which has made me reevaluate where I need to be in this phase of my career. Being a part of a team that is in the process of rebuilding doesn't align with where I want to be right now no matter how difficult that decision may be.

In the hopes of pursuing a fourth championship, I've reached a deal with the Chicago Bulls and I am excited to share that I will be joining the Cleveland Cavaliers this season. There's no better place to be right now to continue to play and compete at the highest level. Cleveland believes in my talents and what I can bring to a championship contender both as a player and leader. I look forward to reuniting and playing alongside my brother LeBron. We've already won two championships together and I hope we win a third.

This was an incredibly difficult decision and I am very grateful to the Bulls organization, my fans and the Chicago community for welcoming me home with open arms. It meant so much to me seeing my mom on the sidelines cheering me on as a Bull. I am so proud of the work we have been doing in the community and we plan to continue these efforts. It's been an honor and a privilege to play for my hometown. Chicago holds a very special place in my heart and will always be home to me."

Wade reached a buyout agreement with the Chicago Bulls on Sunday and it didn't take him long to join the Cavs. The Thunder, Heat and Spurs had also been considered leading candidates to sign Wade.

The idea of returning to Miami was appealing, but the opportunity to play for an NBA title is what ultimately helped make Wade's decision, according to ESPN's Adrian Wojnarowski.

Wade had considered the Oklahoma City Thunder, San Antonio Spurs and Heat, league sources said. Wade hasn't ruled out the idea of a future return to Miami, but his desire to join a contender overtook the sentiment of a Heat reunion, league sources said. Wade has reconciled his Miami relationships after a difficult free agent parting in 2016, sources said.

Wade will be relied on heavily in Cleveland with point guard Isaiah Thomas likely out until January as he recovers from a hip injury. Wade, who scored 18 points per game for the Bulls last season, boasts averages of 23.3 points, 5.7 assists and 4.8 rebounds in 14 NBA seasons.