Cavaliers general manager Danny Ferry announced the move on Friday. Pending his arrival in Toronto, Jackson would be available to play against the Raptors on Friday night.
The Cavaliers are thin in the frontcourt after Shaquille O'Neal sprained his right thumb in a victory over the Celtics on Thursday night. His injury followed the trade of backup center Zydrunas Ilgauskas to Washington before the trade deadline.
Jackson had 34 points and 12 rebounds in the BayHawks' 114-108 victory over the Dakota Wizards on Thursday night.
The BayHawks are the D-League affiliate of the Cavaliers and the Raptors.