The delay in signing the rookie shooting guard is reportedly not related to speculation that the team may trade him to the Minnesota Timberwolves for All-Star power forward Kevin Love.
Instead, the Cavaliers have been looking for ways to use their remaining $1.4 million in salary cap space before signing Wiggins to a contract that will pay him about $5.5 million this season.
The Cavaliers and Timberwolves have been in talks about a trade involving Wiggins and Love since star forward LeBron James decided to return to Cleveland.
NBA rules dictate that once Wiggins is signed, the Cavaliers must wait at least 30 days before they can trade him.
Terms were not released, but the Los Angeles Times reported previously that Young agreed to a four-year, $21.5-million deal.
Young had a career year in 2013-14 after originally signing with the Lakers as a free agent in July 2013. The Los Angeles native averaged a career-high 17.9 points in his first season with the Lakers.
The Lakers also re-signed free agent forward Ryan Kelly. In 2013-14, his rookie NBA season, the 23-year-old Kelly averaged 8.0 points, 3.7 rebounds and 1.6 assists in 22.2 minutes per game, and started 25 contests while appearing in 59 total games.
The Dallas Mavericks signed free agent forward Richard Jefferson.
Last season, the veteran averaged 10.1 points, 2.7 rebounds, 1.6 assists and 27.0 minutes while shooting 45 percent from the floor and 40.9 from 3-point range in 82 games for the Utah Jazz.
The Phoenix Suns signed free agent forward Anthony Tolliver to a multi-year contract.
Tolliver, a six-year NBA veteran, averaged 6.1 points, 2.6 rebounds and 20.3 minutes in 64 games last season with the Charlotte Bobcats.
The Chicago Bulls re-signed guard Kirk Hinrich. Last season, Hinrich averaged 9.1 points, 3.9 assists and 2.6 rebounds per game for the Bulls.
The Bulls also signed second-round draft pick Cameron Bairstow. The 6-foot-9, 250-pound forward was taken No. 49 overall by the Bulls.
The Charlotte Hornets signed free agent forward Marvin Williams.
Williams averaged 9.1 points, 5.1 rebounds and 1.2 assists in 25.4 minutes over 66 games for the Jazz last season.
NBA Development League president Dan Reed is stepping down to join Facebook as head of global sports partnerships. Reed's last day with the league is July 31.
(Editing by Larry Fine)