The 35-year-old got a one-year guaranteed deal, believed to be for just less than $2 million, with a partial guarantee for next season.
The Cavs signed Wesley with part of their $5.2 million midlevel salary-cap exception. They also used a part of it to sign Scot Pollard to a one-year, $2.2 million deal last month. Once Drew Gooden's three-year, $23 million deal is signed -- Ferry said the contract language is being finalized -- the team will be just below the $65.4 million luxury tax line.
In addition to being regarded as a good defender, the 6-foot-1, 200-pound guard ranks ninth among active players in career 3-pointers (1,114) and is one of two undrafted players in NBA history to score over 11,000 career points. The other is Moses Malone.
"He's a pro's pro," Ferry said of Wesley. "He'll bring something to this team on offense and defense. On top of that, he can show young guys like (rookie guards) Shannon Brown and Daniel Gibson what it is to be a professional."
On Tuesday, Ferry linked the free-agent signings of Wesley and veteran forward-center Scot Pollard.
"Adding them makes us better, tougher and more physical," Ferry said. "Both of these guys fit the criterion we want. They will bring an edge to this team we needed."
Ferry also addressed the status of power forward Drew Gooden, who previously agreed in principle to a three-year deal worth $21 million with upwards of $3 million in incentives.
"The contract was in his hands (last weekend), but he's not signed yet," Ferry said