Bynum sat out the entire 2012-2013 season with Philadelphia because of knee injuries, but said he will be medically cleared to practice by the start of training camp. He underwent surgery on both knees in March.
The Cavaliers only guaranteed Bynum $6 million in the first year of the deal, but he could earn an additional $6 million through performance incentives. Cleveland holds a $12 million team option for the second season.
The 25-year-old Bynum previously played for Cavaliers coach Mike Brown with the Lakers two years ago, making his lone All-Star appearance.