According to the latest Cleveland Cavaliers trade rumors, the team is preparing for the exit of Mo Williams, who is expected to announce his retirement anytime now.

Joe Vardon of Cleveland.com that the Cavs point guard is "strongly considering retirement" and could be "in his last week as a member of the Cavaliers."

Williams played a role in bringing the team to their first championship win in the last season. Today is the last day that the Cavs will be able to waive him or stretch his provision.

"The team can spread his salary out over a period of years – which could lessen the luxury tax penalty Cleveland owner Dan Gilbert will have to pay next summer," Vardon wrote.

According to Factory of Sadness, the Cavs are looking to fill in the void with Norris Cole of the New Orleans Pelicans. However, the company has exhausted its salary cap and would not afford the point guard.

However, as per the Cleveland Cavaliers trade rumors, there is still a way to bring Cole to the fold. Vardon said that the team can "find a potential trade partner to take Williams' contract."

That way, the Cleveland could open up a spot in its roster. "There is no decision yet from an organizational standpoint on whether or not to waive him by Wednesday's deadline," Vorden emphasized.

The Cavaliers are hoping to win another championship and it will do so by perfecting its roster and making sure it can handle the Golden State Warriors, who became a much bigger threat with the addition of Kevin Durant.

It is already widely accepted that Williams will hang his jersey for good so the Cavs are expected to play their cards right in this trade, as it could make or break their chances.

The team is also expected to let go of Kevin Love, and as per Cleveland Cavaliers trade rumors, he will be traded off for Nerlens Noel of the Philadelphia 76ers.