CLEVELAND -- The Cavaliers are expected to make Kyle Korver an offer to return to the team when NBA free agency begins at 12:01 a.m. Saturday, sources told cleveland.com.

The Cavs are entering free agency with Korver and the Knicks' Carmelo Anthony as perhaps their biggest targets, though the salary cap and New York's reported refusal to buy Anthony out of the two years and $54 million he has remaining on his contract could complicate their hunt.

Free agents can sign new contracts July 6.

Korver, 36, led the NBA in 3-point field-goal percentage last season (45.1 percent) and in 35 games with the Cavs averaged 10.8 points and shot .485 from long range off the bench. He was less productive in the playoffs, shooting 39.1 percent from 3-point range and averaging 5.8 points.

Because Cleveland traded for Korver last season, it can go above the salary cap to re-sign him. The Cavs' payroll for next season is already $128 million -- well above the $99 million salary cap and $119 million luxury-tax threshold -- and they may hesitate if a team with cap space offers Korver a big contract. If the Cavs left the five open roster spots they currently have vacant, they would still pay about $30 million in taxes next July.

There are several teams said to be interested in Korver, including the Pelicans and Bucks, but the kind of contract he could land outside of Cleveland remains to be seen. Korver also has expressed a desire to return to the Cavs, who got Korver to the Finals for the first time in his 14-year career.

Korver made $5.2 million last season. He is the only free agent Cleveland can pay without restriction. Deron Williams, Derrick Williams, James Jones and Dahntay Jones could only come back on the taxpayer's mid-level exception to the salary cap ($5.1 million) or on veteran's minimum deals.

The Knicks parted ways this week with team president Phil Jackson, who had all but driven Anthony from New York. The Knicks are reportedly still interested in ridding themselves of Anthony, but through a trade instead of a buyout. They've tried to trade Anthony off and on for two seasons, but can't find a partner with the $26 million in assets it would take to make such a deal.

Anthony, 33, a 12-time All-Star, "wants to win" and would consider the Cavs or Houston Rockets if he becomes a free agent, a source close to him told cleveland.com.

The most Cleveland could pay Anthony would be the mid-level exception, though he'd be walking away in this hypothetical with a lucrative payout from the Knicks.

The Cavs have also been in discussions with Turkish forward Cedi Osman. The Cavs own his NBA rights and are interested in bringing him to the U.S., but, again, their cap situation is limiting what they could pay him.

Cleveland is of course heading into free agency without a lead basketball executive. General manager David Griffin and owner Dan Gilbert decided to part ways June 19, and Griffin's contract with the Cavs expires today.

Griffin is a candidate to replace Jackson in New York, according to ESPN.

Gilbert has been in discussions with Chauncey Billups to become the Cavs' new president of basketball operations, but as of this morning no deals had been announced.

Koby Altman, an assistant GM under Griffin, has essentially served since as acting general manager, especially when it comes to potential trade and free-agent targets. He's been working closely with Gilbert, sources said.

The Cavs tried to trade for Indiana's Paul George heading up to the NBA Draft last week but couldn't find a third team with the assets the Pacers want in return for George.