Sources: Mike Miller set to sign 1-year deal with Nuggets

The Denver Nuggets have emerged as the strong favorites to sign veteran sharpshooter Mike Miller when he clears waivers Wednesday, according to league sources.

Sources told ESPN.com that Miller, who was formally waived Monday by the Portland Trail Blazers, is poised to sign a one-year contract with the Nuggets barring any late snags.

Portland absorbed Miller's $2.8 million expiring contract in July as part of the Brendan Haywood trade with Cleveland, with no intention of employing him. The parties negotiated a contract buyout that led to Miller's release, which sets him up to become an unrestricted free agent, assuming he goes unclaimed on waivers this week.

‎In recent seasons, Miller, 35, ranked as one of LeBron James' favorite teammates in Cleveland and Miami. But the Cavaliers, bracing for a steep luxury-tax bill this season after all of their summer business, made the decision after last season to jettison Miller in the name of shaving some payroll.

On top of his two rings with the Heat, Miller also won NBA Rookie of the Year honors in Orlando in 2001 and NBA Sixth Man Award honors in Memphis in 2006.