Davis, 32, is 6-foot-9 and appeared in 23 games for the Timberwolves last season, compiling averages of 2.1 points and 5.0 rebounds. He has also spent time with the Jazz, Trail Blazers, Nets, Lakers, Grizzlies and Raptors.
Cleveland only has 11 players on guaranteed deals, so Davis stands a good shot to make the standard roster.
James, 24, is 6-7 and spent each of his first two seasons with the Kings. He averaged 3.9 points on 47 percent shooting in 36 games last season.
His shot to make the final roster appears to be long, though the Cavs may keep him as an affiliate player with the Cleveland Charge of the G League.
The Cavs’ roster stands at 20.