J.R. Smith reportedly set to meet with Cavs this week

Free agent shooting guard J.R. Smith told the Northeast Ohio Media Group he will meet with the Cleveland Cavaliers this week to discuss a new contract. Smith told NEOMG that he is prepared to take less money than his $6.4 million player option he declined in June. 

"That's always part of the gamble of opting out," Smith said to NEOMG. The Cavaliers acquired Smith from the New York Knicks as part of a three-team deal. Smith had a player option for the last year of his deal, but declined it in June to become a free agent. 

With the Cavaliers last season, Smith averaged 12.7 PPG on 42.5 percent shooting and 3.5 RPG in 31.8 minutes per game. It is believed Smith is seeking between $7 and $9 million a year, but few teams have the cap space to sign him. 

When asked if he regretted declining player option, Smith told NEOMG: "Uh, I mean, yes and no.

"No because I've gotten offers that I wanted, I mean numbers that I wanted, it's just different situations," Smith said. "Right now it's just a matter of seeing what the Cavs come back to me with. Right now they give me the best opportunity to win."

If the Cavs do re-sign Smith, it will put them even further into the luxury tax. 

But helping Smith's case, LeBron James has said he wants to bring back Smith.