"The Big Shaqtus" is changing his address and perhaps his nickname to "LeShaq."

The Cleveland Cavaliers agreed in principle on Wednesday night to acquire four-time NBA Champion Shaquille O'Neal from the Phoenix Suns as part of a three-player deal, multiple media outlets, including the Cleveland Plain-Dealer reported.

According to the newspaper, the 15-time All-Star centre will join league MVP LeBron James as the newest dynamic duo looks to bring the Cavaliers a first NBA Championship.

In exchange, the Suns will receive veterans Ben Wallace and Sasha Pavlovic, the Cavs' 46th overall pick in the NBA draft set for later Thursday, and 500,000 dollars.

By unloading O'Neal, who is in the final year of a contract worth a reported 21 million dollars, the Suns will save around nine million in salary and luxury taxes.

It could be more if Wallace, who is considering retiring, decides to go that route, and the Suns are able buy him out of his contract for less than the 14 million dollars he's owed next season.

Talks of O'Neal coming to Cleveland were discussed around the February trade deadline. They recently resurfaced after the Cavs were eliminated by Dwight Howard and the Orlando Magic in the Eastern Conference finals earlier this month.

Though the Suns missed the playoffs, the 37-year-old O'Neal enjoyed a solid injury-free-season. He averaged 17.8 points, 8.4 rebounds, shot a career-best 61 per cent in
75 games and earned third team All-NBA honours.

The Cavs were dominated inside by the muscular Howard. However, the powerful 7-foot-1, 340-pound O'Neal is expected to be a defensive force in the middle, and team with James to give them a potent one-two scoring punch at the other end.