Diesel, meet King James.

Reports that Shaquille O'Neal was on his way to join LeBron James on the Cleveland Cavaliers, in return for almost nothing, weren't exaggerated at all.

The Cavaliers and Phoenix Suns announced the deal today: O'Neal for Ben Wallace, Sasha Pavlovic, a second-round pick in 2011 and cash, reportedly $500,000.

After winning an NBA-best 67 games last season, the Cavaliers were stunned by Orlando in the East Finals, with the Magic exposing their slow-footed big men.

O'Neal's feet aren't faster than Zydrunas Ilgauskas' feet but even at 37, O'Neal gives the Cavaliers a low-post threat they've never had, and clogs the lane on defense.

The Suns wanted only to save money, and bail themselves out of the controversial trade they made for O'Neal in 2008.

Wallace has said he'll retire if he can get a buyout. Pavlovic, a journeyman, is in the deal because only $1.5 million of his $5 million contract is guaranteed.

If the Suns cut Pavlovic and get Wallace to accept $12 million of the $14 million due him, they would save $5.5 million.

The Suns may even still be able to compete, at least pending further developments, with Amare Stoudemire on the trading block, too.

mark.heisler@latimes.com