Wiggins, who will earn $5.5 million in the first year of the deal, has been at the center of many trade rumors involving the Cavaliers and Minnesota Timberwolves star Kevin Love, who can become a free agent after next season.
Love led the league with 65 double-doubles last season while averaging 26.1 points and 12.5 rebounds.
If the Timberwolves do want Wiggins, they'll have to wait. The NBA's collective bargaining agreement prevents a player from being traded for 30 days after he has signed a contract.
The Chicago Bulls are also reportedly making a play for Love.
Wiggins, a 6-foot-8 small forward, averaged 17.1 points for Kansas (25-10) last season.
The Associated Press contributed to this report