Ilgauskas agreed in principle to a five-year deal on Monday, his agent, Herb Rudoy, told ESPN Insider Chad Ford.
According to Rudoy, Ilgauskas's contract is worth between $55 and $60 million.
Hughes' six-year deal is worth between $65-$70 million.
Based on those numbers and a projected $49.5 million cap, the Cavs still could have as much as $6 million left under the cap to sign more free agents.
According to a source inside the Cavs, the team has several other targets including Lithuanian point guard Sarunas Jasikevicius and Heat power forward Udonis Haslem.
The 30-year-old Ilgauskas, who has played all seven of his
seasons with Cleveland, averaged 16.9 points and 8.6 rebounds in
78 games last season. He led the NBA with 299 offensive
rebounds, ranked sixth with 165 blocks and was selected to the
Eastern Conference All-Star team for the second time in three
After suffering through myriad foot injuries early in his
career, the 7-3, 260-pounder has been a constant presence in the
middle for the Cavaliers. Ilgauskas has missed just six games
over the last three seasons and has increased his minutes in
In 413 career games, the Lithuania native has averaged 14.9
points and 7.7 rebounds.
Information from SportsTicker was used in this report.