The Cavaliers could look to send Anderson Varejao and Wally Szczerbiak to the Bucks for sharpshooter Michael Redd, according to The Cleveland Plain Dealer.
Cleveland is looking for a legitimate scorer to pair alongside LeBron James, and they would be able to provide Milwaukee with Szczerbiak's expiring contract and the chance to lock Varejao up with an extension.
If the Bucks aren't interested, the Cavs could try to swing a similar deal with the Warriors or Clippers for Baron Davis or Elton Brand.
I think both would be steals for the Cavs. I'm not sure that the Bucks or Clippers would be as willing to make those deals though.