Cleveland will also receive cash in the deal, presumably around $2 million.
The deal makes sense from the Cavs’ standpoint, as they have been looking for a veteran playmaker who can help replace the loss of Matthew Dellavedova off the bench. Dellavedova left for the Australian league, and Rubio is a clear upgrade.
Rubio is 6-foot-3 and will turn 31 when the season starts in October. He averaged 8.6 points and 6.4 assists in 68 games last season, shooting 87 percent from the line.
He is viewed as a steadying force who could help the development of starting point guard Darius Garland and even backcourt-mate Collin Sexton, should Sexton remain with the team. Right now, it seems, that is an iffy proposition as the Cavs have Sexton available in trades.
Meanwhile, Prince gives the Timberwolves another veteran presence on the wing, as he played well when healthy in Cleveland.
After being acquired early in the season as part of a multiteam deal with the Nets, Prince averaged 10.1 points and 3.7 rebounds in 29 appearances with the Cavs.