June 25 (Bloomberg) -- The Phoenix Suns agreed to trade center Shaquille O’Neal to the Cleveland Cavaliers, where the 15-time All-Star will team with National Basketball Association Most Valuable Player LeBron James, ESPN reported on its Web site.

The 7-foot-1 O’Neal will add a dominating presence inside for Cleveland. The Cavaliers had the NBA’s best record last season, then lost to Orlando in the Eastern Conference final as Magic center Dwight Howard averaged 25.8 points and 13 rebounds.

O’Neal, 37, has averaged 24.7 points and 11.2 rebounds over his 17-year career. He won three NBA titles with the Los Angeles Lakers and one with the Miami Heat, and was the league MVP in 2000.

“If Shaq can play regularly, he is exactly what the Cavs need,” Hall of Fame center Kareem Abdul-Jabbar wrote on Twitter, the social-networking Web site.

Cleveland will send Ben Wallace and Aleksandar Pavlovic, a second-round pick in tonight’s NBA draft and $500,000 to Phoenix for O’Neal, the fifth-leading scorer in league history, ESPN said, citing sources it didn’t identify. The trade is expected to be completed today, the sports network said.

The move unites two of the league’s most marketable players. James was third in Sports Illustrated’s 2008 ranking of top-earning American athletes at $40.1 million, with O’Neal sixth at $35 million.

LeBron’s Future

The addition of O’Neal may also help determine James’s future. The 24-year-old may become a free agent after next season and has been linked with numerous teams, including the New York Knicks, as he seeks his first NBA championship.

“That’s a great move for Cleveland, to get a player of Shaq’s ability to go along with a LeBron James,” said John Starks, a former Knicks guard.

Starks, now an analyst on the MSG Network and the team’s adviser for alumni relations and fan development, declined to comment on what effect the trade might have on the Knicks’ chances of attracting James.

O’Neal also is entering the final year of a contract that pays him $20 million next season. By trading him, the Suns may save as much as $10 million next season, ESPN reported. The Cavaliers will receive a 7-foot-1, 325-pound player to match up against centers such as Howard, while gaining financial flexibility from the expiring deal.

O’Neal was rookie of the year in the 1992-93 season and NBA Finals’ most valuable player three years running, from 2000 through 2002.

He was traded to Phoenix from Miami in February 2008 and the Suns reached the postseason, losing in the first round to San Antonio in five games. Last season, he averaged 17.8 points and 8.4 rebounds as the Suns went 46-36 and missed the playoffs by two games.

To contact the reporter on this story: Bob Bensch in London at bbensch@bloomberg.net.

Last Updated: June 25, 2009 11:04 EDT