Farmar, 30, has been on the fringes of the National Basketball Association for years - he hasn't played in more than 41 games since 2010-11.
Coming off a poor January during which they went 7-8, the Cavs are looking to add a guard to their bench, and will host none other than Lance Stephenson for a workout on Wednesday, according to ESPN.
The NBA world has been consumed over the last few weeks with Cleveland Cavaliers superstar LeBron James demanding that his front office boost the team's current roster with an additional playmaker. Jordan was released after only two appearances in the Sacramento Kings this season. He could give the second unit of the Cavs an immediate boost, providing the team with a lot of depth at the point guard position.
With a victory over the Minnesota Timberwolves on Wednesday night (Feb. 1), the Cleveland Cavaliers improved to 33-15 on the season.
The Cavs are now only 2.5 games above the Boston Celtics for the top spot in the Eastern Conference.
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Though the Cavs have done well against the East this season (21-6), the team has struggled against the Central Division. Lue hopes Love will return Saturday when the Cavaliers face the New York Knicks. Another reported point in Farmar's corner is his willingness to sign a 10-day contract, as Stephenson also is, while Chalmers and Hinrich both want a guaranteed contract for the rest of the season.
Chalmers was with the Memphis Grizzlies previous year, playing in 55 games for the team after they traded the Miami Heat for him. At 6-4, the 13-year veteran has career averages of 10.9 points and 4.8 assists and makes 3-point endeavors at a 38 percent clip. Known for his defense, Chalmers could bring an additional defender to the Cavs.
Stephenson has bounced around the league after signing a free-agent deal with the Hornets in 2014.
Though Chalmers has not played since suffering an Achilles injury last March, James thinks he would be a good addition if healthy.
A source familiar with Cleveland's roster plans told ESPN the Cavs will aggressively pursue trade destinations for the injured Chris "Birdman" Andersen to try to open up another roster spot which could be used to land a buyout player.