The Cavaliers have agreed to trade forward Richard Jefferson, guard Kay Felder and two second-round picks to the Hawks for European draft rights, according to ESPN.com.
The report stated that Atlanta will likely waive Felder and Jefferson.
Jefferson, who would become a free agent after clearing waivers, averaged 5.7 points and 2.6 rebounds per game last season as a key member off Cleveland's bench. The 37-year-old forward shot 45 percent from the field.
Cleveland selected Felder in the second round of the 2016 NBA Draft. He averaged 4.0 points per game last season, but did not make a playoff appearance.