Cleveland and Atlanta are planning a trade call to finalize the agreement with the league office Friday night or Saturday morning, league sources said. The Cavaliers will save $12.8 million in luxury tax by unloading the two contracts.
Jefferson was no longer in the Cavs' locker room as of 6 p.m., while Felder was seated at his chair waiting to talk to general manager Koby Altman.
Jefferson will become a free agent and it will be very interesting where is the next destination for him.
After signing with the Cavs in 2015, Jefferson played a key as a reserve in Cleveland's championship run through the 2016 NBA Finals.
Wojnarowski reports that the Cavs will send Jefferson, Felder, a 2019 second-round pick and a 2020 second-round pick to Atlanta in exchange for European draft rights.
Felder, 22, was a second-round draft pick previous year.
Felder has $455,000 in guaranteed money this season as well as a $1.5 million team-option for next season.
Appearing in 79 games a season ago, Jefferson averaged 5.7 points and 2.6 rebounds while shooting 44.6 percent from the field and 33.3 percent from three in 20.4 minutes per game. In 42 appearances with Cleveland last season, he averaged 4.0 points per game while also splitting time with the Canton Charge.