Matthew Dellavedova has become the second Aussie basketball star to sign a new contract in as many days, sewing up a one-year deal to remain with Cleveland on the veteran's minimum of $3 million, per ESPN.

The news follows the announcement of Matt Barnes signing a two-year deal with Toronto on a reported $19.5 million (AUD) contract on Monday.

Dellavedova returned to Cleveland in 2018 after initially signing with Milwaukee on a four-year deal in 2016.

The Aussie guard won the NBA Championship alongside Lebron James in 2016 and is currently teammates with fellow Australian Dante Exum at the Cavaliers.

According to The New York Times, James' Los Angeles Lakers showed some interest in Dellavedova.

Cleveland bowed out of the playoff race in the 19/20 season after amassing a 19-46 record.

“I want to be in a spot where I can play and the team is hopefully either competing for a championship or going to be in the playoff mix,” Dellavedova said on Sirius XM Radio.

“I think Cleveland will definitely be in the playoff mix next year. With Kev (Kevin Love), Larry (Nance Jr.), Collin (Sexton) and the continuing development of the young guys and Dre (Andre Drummond) and then see what happens with Tristan (Thompson), I love playing in the playoffs and feel like I have a lot to offer a team that is going to be in that playoff, championship-contender mix.”