According to league insiders, the Cleveland Cavaliers have reached a verbal contract with Washington Wizards free-agent shooting guard Larry Hughes.  The deal is said to be five-years and start at around $12 million.

The Wizards had intended to keep Hughes. But with two other stars, Gilbert Arenas and Antwan Jamison, with large salaries on the books, it is possible the Cavaliers simply out-bid them.

Hughes is the third shooting guard this off-season to come at a high price, following Ray Allen of Seattle and Michael Redd of Milwaukee.