8:16 pm: The decision to part ways was mutual, writes Jason Lloyd of the Akron Beacon Journal. Lloyd also characterizes the move as a buyout, meaning Hollins was motivated enough to leave the team that he was willing to give back a part of his $2.48MM salary.
The Cavs have been busy since Thursday's trade deadline, adding guards Donald Sloan and Manny Harris on rest-of-season contracts, and waiving Jason Kapono. The Hollins move is a little surprising — although the 27-year-old wasn't a key contributor for Cleveland, he was averaging 15+ MPG this season, and has a cap figure of $2.48MM in the final season of a three-year contract.
Hollins will join J.J. Hickson and Ronny Turiaf on the big man market as a potential target for contenders. Though he's shown flashes of promise in the past, the 7'0" center struggled this season, averaging 3.7 PPG, 2.3 RPG, and just 7.0 PER in his 24 games.
Cleveland will look for another big man to fill out its roster, according to the Plain Dealer (Twitter link).