Cleveland, OH -- The Cleveland Cavaliers have named Danny Ferry as their new general manager, bringing him back to the city where he spent 10 seasons as a player.

Ferry replaces Jim Paxson, who was fired by new owner Dan Gilbert on April 21.

"Danny Ferry brings championship level executive experience to Cleveland from an organization that is looked upon as the premier basketball operation in the NBA. He is one of the top young, highly successful basketball executives in the league," said Gilbert.

Terms of the contract were not immediately released, but the Cleveland Plain Dealer reports that the deal is for five years and is worth close to $10 million.

For the past two years, Ferry had served as director of basketball operations with the San Antonio Spurs, who are fresh off winning their third NBA title in seven years.

"Danny is philosophical, smart and thoughtful," Gilbert added. "He is a student of the game and is well prepared to lead the Cleveland Cavaliers to become a championship level organization. The combination of (head coach) Mike Brown and Danny Ferry is going to be a fantastic one for the team, the fans and the entire state of Ohio. I couldn't feel better about the two guys we have chosen to hire for the future of our franchise."

Ferry's return to Cleveland reunites him with new Cavaliers' Head Coach Mike Brown. Brown served as an assistant coach in San Antonio during Ferry's three seasons as a player (2000-03) with the Spurs.

"I'm very pleased that Danny is getting this opportunity with us," said Brown, who was named head coach on June 2. "He deserves it."

The 38-year-old Ferry played 13 seasons in the NBA, averaging 7.0 points and 2.8 rebounds per game. His last three seasons in the league came with the Spurs.

The Los Angeles Clippers picked Ferry with the second overall pick of the 1989 draft, but the Duke product opted to play in Italy instead. He was then traded to the Cavaliers and joined the team for the 1990-91 season.