Knight has averaged 7.2 points, 6.1 assists and 1.8 steals in his seven-year career.
"Brevin brings the natural, innate qualities needed for a point guard and he owns a great feel for the game," coach and general manager Bernie Bickerstaff said. "He is a competitor and he will bring that intensity to the younger players on our team."
Knight was a first-round pick by Cleveland in the 1997 draft. He spent more than three seasons with the Cavaliers, earning all-rookie first team honors by averaging 9 points, 8.2 assists and 2.5 steals.