Cleveland, OH -- (Sports Network) - The Cleveland Cavaliers are reportedly bolstering their frontcourt by acquiring 15-time All-Star Shaquille O'Neal from Phoenix in exchange for center Ben Wallace, guard Sasha Pavlovic and the 46th overall pick in Thursday's NBA Draft.

The deal, reported by several media sources and expected to be announced Thursday morning, would pair O'Neal with this year's league MVP, LeBron James, and could help the Cavaliers in their quest to break a championship hex in Cleveland. The city hasn't won a major sports championship since 1964, when the Browns captured the NFL crown.

O'Neal, in the last year of his contract, is not the dominant force he once was from earlier in his career, when he won the MVP Award in 2000 and led the Los Angeles Lakers to three straight titles (2000-2002).

However, the 37-year-old showed signs of rejuvenation last year, putting up 17.8 points and 8.4 rebounds in 75 games for the Suns, who just missed out on the postseason.

O'Neal also had a helping hand in delivering a title to Miami in 2006, two seasons before the Heat traded him to Phoenix in exchange for forward Shawn Marion and guard Marcus Banks.

Over his illustrious 17-year career with Orlando, LA, Miami and Phoenix, O'Neal has logged 24.7 points, 11.3 rebounds and 2.4 blocks per game, to go along with accolades such as: the 1992-93 NBA Rookie of the Year, three NBA Finals MVP awards and two scoring titles.

Cleveland figured to be in the process of a roster makeover after falling to Orlando in the Eastern Conference finals despite sporting the best record in the NBA.

The Cavs have been trying to get help in the low post to counter the elite big men in the East, such as Dwight Howard, who helped the Magic beat the Cavs in six games.

Zydrunas Ilgauskas wasn't the answer inside for the Cavaliers despite 12.9 points and 7.5 rebounds a game during the regular season. He's entering the final year of his contract with the Cavs.

O'Neal is due $20 million next season. while the Cavs will shed Wallace's $14 million and Pavlovic's $4.95 million expiring contracts.

The Suns are expected to also get $500,000 in the trade and could save plenty of money. Pavlovic has only $1.5 million of his contract guaranteed and could save cash by releasing him. Also, if the Suns buy out Wallace's contract, they'll save even more.

Wallace, who is reportedly hinting at a possible retirement, was a non-factor for the Cavs last season, averaging a meager 3.0 points and 6.5 rebounds per game. The 34-year-old is a four-time NBA Defensive Player of the Year Award winner, the last coming in 2006.

Pavlovic saw a reduced role last season for the Cavaliers, putting up a career-low tying 4.6 points and 1.9 rebounds in 66 games.