Jones, 35, will play in the regular-season finale against the Detroit Pistons on Wednesday night. He will be on the playoff roster when Cleveland opens up the postseason against Detroit this weekend.
With both Iman Shumpert and Mo Williams dealing with left knee injuries late in the season, the Cavs prioritized a perimeter defender like Jones as insurance for Shumpert -- over another point guard to potentially spell Williams -- because the team views LeBron James as a de facto third point guard along with Kyrie Irving and Matthew Dellavedova.
The Cavs expect both Shumpert and Williams to be available to play to start the playoffs.
Williams traveled to New York this week to receive a second opinion on his left knee as he has been plagued by chondromalacia -- irritation of the cartilage under the kneecap -- for the past several months. Shumpert, meanwhile, had his left knee drained over the weekend.
The 6-6, 235-pound Jones has 11 years of NBA experience with Memphis, Sacramento, Denver, Indiana, Dallas, Atlanta and the L.A. Clippers. He spent this season with the D-League's Grand Rapids Drive, averaging 15.7 points on 54.6 percent shooting (41.3 percent from 3), 4.2 rebounds and 2.5 assists in 35.7 minutes.
The Cavs also liked that Jones has 49 playoff games under his belt, was formerly coached by Cleveland assistant Larry Drew and has a relationship with head coach Tyronn Lue dating back 15 years to when they would train together in the summer when Jones was still a student at Duke.
"I'm still the same defensive-minded individual I was many years ago," Jones said after the Cavs' shootaround Wednesday. "I had to adapt and make my niche throughout the league in that respect. I'm willing to do anything on the defensive end and help out and try to communicate and just try to be as vocal as possible."
Jones signed a two-year deal with the Cavs, though next season is non-guaranteed, according to a team source. His contract could become a trade chip in the offseason, as it is worth approximately $2.3 million because of his service in the league as a 10-plus year veteran.
"It's an amazing opportunity," Jones said. "It's a great organization with some great players. Just an opportunity to come in and try to help out any way possible. I'm just happy to be here and blessed to have the opportunity."
Jones will wear No. 30 for the Cavs.