As the Cleveland Cavaliers search to trade one point guard, the franchise has added another. Per Shams Charania of Yahoo Sports, Derrick Rose is set to sign with the three-time defending Eastern Conference champions.

The 2011 NBA Most Valuable Player, Rose has been linked to the Cavs since late last week. On Friday, Cleveland's interest in the free agent made even more sense when it was reported that star point guard Kyrie Irving had asked for a trade.

After spending the first seven seasons of his career with the Chicago Bulls, who selected Rose with the first overall pick in the 2008 NBA Draft, Rose was traded to the New York Knicks just prior to the 2016-17 campaign. Putting together arguably his best season since 2012, Rose averaged 18.0 points, 4.4 assists and 3.8 rebounds in 64 appearances for New York last season.

In addition to being named MVP in 2011, Rose is a three-time All-Star and the 2009 Rookie of the Year.

Although he entered the offseason searching for a big money contract, Rose is signing with Cleveland on a one-year, $2.1 million deal, per TNT's David Aldridge. In addition to the Cavs, the Milwaukee Bucks and Los Angeles Lakers had reportedly shown interest in the 6-foot-3, 190-pound guard.

As for Rose's role with the Cavs, that will likely depend on whether or not the team honors Irving's request - and perhaps more importantly, what they potentially receive in return.

WATCH: Jim Donovan and Dave "Dino" DeNatale discuss the addition of Rose and the apparent divorce between Irving and LeBron James during Monday's 'Donovan Live Postgame Show' on WKYC's Facebook Live.