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UPDATE (11:56 a.m. ET): The Atlanta Hawks have requested waivers on Kay Felder and Richard Jefferson, the team announced today.

CLEVELAND -- The Cleveland Cavaliers have acquired the draft rights to forward Dimitrios Agravanis and guard Sergey Gladyr from the Atlanta Hawks in exchange for forward Richard Jefferson, guard Kay Felder, two future second round draft picks and cash considerations, Cavaliers General Manager Koby Altman announced today from Cleveland Clinic Courts.

“These situations and decisions are some of the toughest to be in and have to make. Certainly, both RJ and Kay are two guys we also wanted to have here with us this season," said Altman.

"RJ embodies all of the things you could want in a veteran player and teammate. His consistent success at a very high level over many years is a reflection of the kind of high quality player and person he is. His steady leadership, great attitude, dependability and performance helped us win an NBA Championship and we are grateful for all of his contributions on the court and within our locker room. Kay is a young, hard-working, talented player who has the potential for a bright and long future in this league as well. His daily dedication and hard work are going to help him greatly.”

“We thank RJ and Kay and wish them the very best as they move on to the next chapter of their NBA careers."

The two draft picks that Cleveland is sending to Atlanta in the deal are Portland’s 2020 second round pick, provided such pick falls between 56-60, and the more favorable of Minnesota’s own 2019 second round draft pick and the Los Angeles Lakers’ own 2019 second round draft pick.

Agravanis (6-10, 235) has played for Olympiacos in the Greek Basketball League since 2013 and was the 59th overall pick by the Hawks in the 2015 NBA Draft. In 2016-17, he played in 51 total games (nine starts) for Olympiacos in Greece and Euroleague play with averages of 4.6 points and 3.5 rebounds in 12.8 minutes per game. Over his career, the 22-year-old has helped his teams capture the FIBA Intercontinental Cup (2013) and two Greek League titles (2015, 2016).

Gladyr (6-5, 190) was selected by Atlanta with the 49th overall pick in the 2009 NBA Draft and has spent the past two seasons with the French League club AS Monaco Basket. Gladyr, who also participated in Summer League with the Hawks in 2010 and 2013, averaged 9.6 points and 2.4 rebounds in 20.5 minutes over 53 total games (nine starts) for Monaco in the French League, Basketball Champions League and Leaders Cup during the 2016-17 season. He is a two-time Leaders Cup winner (2016, 2017), Leaders Cup MVP (2017) and French Cup winner (2014).

Jefferson (6-7, 233) spent the previous two seasons with the Cavaliers, playing in 153 games (18 starts) with averages of 5.6 points and 2.2 rebounds in 19.2 minutes. A member of the Cavaliers’ 2016 NBA championship team, Jefferson appeared in 35 postseason games for Cleveland and averaged 4.8 points and 2.8 rebounds in 16.0 minutes. The 16-year veteran originally signed with the Cavaliers on August 5, 2015.

Felder (5-9, 176) appeared in 42 games for Cleveland in 2016-17, averaging 4.0 points and 1.4 assists in 9.2 minutes. He was the No. 54 pick of the 2016 NBA Draft by the Atlanta Hawks and was acquired by the Cavaliers on draft night.