In return for Hill and Dekker, Cleveland will receive big-man John Henson and former Cavaliers guard Matthew Dellavedova, along with 2021 first and second-round picks.
The Cavs acquired George Hill at the trade deadline last season from the Sacramento Kings.
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The move comes a little over a week after the Cavaliers traded Kyle Korver to the Utah Jazz for guard Alec Burks and two second-round picks. Milwaukee has agreed to trade Dekker to the Washington Wizards for center Jason Smith and a future second-round pick. The three-team trade puts the Bucks in a better financial position to keep their team intact.
Hill, 32, is averaging 10.8 points and 2.8 assists in 13 games this season.
Dellavedova spent the first three seasons of his National Basketball Association career in Cleveland, posting averages of 5.7 points, 3.4 assists and 1.9 rebounds per game.
ESPN's Zach Lowe reports the first-rounder Milwaukee is sending to Cleveland will slide to a later year if it becomes a lottery pick. Smith has averaged 3.7 points and 3.1 rebounds in almost 11 minutes per game this season in Washington. The Australian had been buried on Milwaukee's bench and is averaging just 1.7 points and 2.4 assists in 12 games. Henson, 27, is averaging 5.6 points and 5.1 rebounds per game. The center underwent surgery to fix a torn ligament in his left wrist late last month.