Sources: Cleveland Cavaliers acquiring Ricky Rubio in trade with Minnesota Timberwolves
Rubio, 30, returned to Minnesota last season after being included in the Chris Paul trade. He averaged 8.6 points and 6.4 assists for the Timberwolves following a resurgent season with the Suns.
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The Cavaliers recently lost longtime backup point guard Matthew Dellavedova after he signed a three-year deal with Melbourne United this month.
Rubio is on the last season of a three-year, $51 million contract.
Prince, 27, was acquired by Cleveland in a trade with the Brooklyn Nets this season. He averaged 10.1 points, 3.7 rebounds and 2.4 assists in 23.7 minutes per game.