Gilbert informed Grant of his dismissal late Thursday morning, sources said.
Assistant general manager David Griffin will take over as the interim GM, league sources told Yahoo Sports.
Gilbert had grown increasingly frustrated with the losing and dysfunction within the Cavaliers, and the loss to the Lakers – who finished the game with four eligible players – was the breaking point.
Cleveland is 16-33 and losers of six straight games. They're 5.5 games out of the eighth playoff spot in the Eastern Conference. Gilbert had delivered a mandate of making the playoffs for the Cavaliers this season.
Grant had a reputation as a hard-working executive, but failed to construct an infrastructure of talent to return the Cavaliers to the playoffs for the first time since LeBron James left as a free agent in 2010.
Grant had been responsible for drafting several high lottery picks that have yet to validate themselves, including No. 1 overall pick Anthony Bennett in the 2013 NBA draft. Grant has been waiting for several top-five draft picks, including Dion Waiters and Tristan Thompson, to fulfill their promise.
Cleveland had hoped a recent trade for Luol Deng would help turn the season around, but Cleveland has continued to drop in the Eastern Conference standings.
Grant had pushed for the return of Mike Brown as head coach, but he has struggled in his first season back with the Cavaliers.
Grant replaced his previous boss, Danny Ferry, as GM in 2010.
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