Luol Deng has revealed that he is willing to enter negotiations over a contract extension with the Cleveland Cavaliers.

The 28-year-old was traded to the Cavaliers from the Chicago Bulls last week in a move that saw Andrew Bynum leave the Quicken Loans Arena.

Deng admits that he would be open to an extension, but believes that it would be understandable if the franchise chooses to wait and see if former Cleveland forward LeBron James becomes available in the summer.

"He's (James) a great player, why wouldn't you look at him?" Deng told Yahoo Sports. "If he wants to come back home, that's great for him and great for this organization. He's a great player. Why not?

"I'm very open to sit down to talk. At the same time, I'm okay with waiting until the summer."

Deng will become an unrestricted free agent unless he signs an extension before June 30.