The Cavaliers and Kevin Jones are expected to finalize a three-year deal today, according to Adam Zagoria of SNY.tv (Twitter link). Zagoria says the contract would be for two years with a team option for year three, which seems to suggest that the first two years would be fully guaranteed.
Zagoria reported back in late June that Jones and the Cavs had reached an agreement on a contract, but it appears the deal remained on hold through most of the summer. Jones suffered a bone bruise in his foot that cut his pre-draft workouts short and kept him out of summer league play, so it's possible the Cavs were ensuring that he was fully healthy before officially signing anything.
Jones, ranked as the 45th best prospect in this year's draft class by ESPN.com's Chad Ford, played four years at West Virginia, averaging an impressive 19.9 points and 10.9 rebounds per game in his senior year. His deal with the Cavs should be modest, but may exceed the minimum salary, since Cleveland has over $11MM in cap space at its disposal.