Cavs pursuing veteran Ray Allen

— -- After shedding nearly $22 million in cap space in a proposed three-team trade, the Cleveland Cavaliers are also pursuing free agent shooting guard Ray Allen, sources told ESPN The Magazine's Chris Broussard.

The cap-clearing maneuvers would primarily allow the Cavs to make a max offer to LeBron James, but Allen could join the team under a team-friendly deal. The two players are good friends, and Allen has said he has a desire to continue playing alongside the four-time league MVP.

Allen made $3.6 million last year. He'd likely have to take a pay cut to join the Cavaliers, should they land James and pay him the max salary, which is $20.7 million for next season. If the Cavs want to pay Allen more, they'd have to clear additional cap space.

Allen has spent the past two seasons as James' teammate with the Miami Heat. He was said to be considering retirement following the Heat's loss in the NBA Finals, but sources said he has since changed his mind and is leaning toward returning for a 19th season in the league.

Allen, who will turn 39 on July 20, played 73 games in the regular season and all 20 postseason games for the Heat. He averaged 9.3 points per game on 41 percent shooting in the playoffs.

After the Heat lost in Game 5 of the Finals, Allen said he felt good about his career and had a clear mind as he faced his summer options.

"One thing is for certain, to [make a decision] on my terms is the most important thing," Allen said. "Whether that is me retiring, staying here or going somewhere else, it will be on my terms. I've made it to this point, and I felt great that I have the choice to make it for myself."

ESPN.com's Brian Windhorst contributed to this report.