A league source told ESPN it is a non-guaranteed, two-year deal worth $6 million.
Golden State was awaiting the electronic arrival of a signed offer sheet before it finalizes its decision on whether it'll match Cleveland's offer and retain McCaw, the source said.
The deal will pay McCaw $3 million in each of the next two seasons, but the Cavs or Warriors could waive McCaw before Jan. 7 and not be liable for his remaining salary.
If Golden State elects to match the offer sheet, it would cost the team $11.3 million against the luxury tax, according to ESPN's Bobby Marks.
McCaw declined a two-year, $5.2 million offer from Golden State, a source told The Undefeated's Marc J. Spears in October.
McCaw, 23, averaged 4.0 points, 1.4 rebounds and 1.4 assists in 57 games last season, his second in the NBA.
He was sidelined for almost two months with a bone bruise in his lower back near the end of last season after a horrific fall during a game at Sacramento.