Grant, 38, was named general manager on June 4, 2010. He originally joined the franchise as the club's vice president of basketball operations/assistant general manager in July 2005.
The Cavaliers (16-33) are mired in a disappointing season and a six-game losing streak and owner Dan Gilbert had grown increasingly frustrated with losing. Wednesday night's loss to the Los Angeles Lakers was the breaking point, according to Yahoo Sports.
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Los Angeles Lakers guard Nick Young, who injured his left knee in Wednesday's game against Cleveland, will miss a minimum of two weeks.
Young was diagnosed with a non-displaced fracture of the patella and a bone bruise after an MRI on Thursday. To fill a roster spot, the Lakers recalled forward Shawne Williams from the Los Angeles D-Fenders of the NBA Developmental League. Williams signed a 10-day contract and will be with the team for Friday night's game against the Philadelphia 76ers.
Young has started nine games with the Lakers this season and is averaging 16.9 points in 48 games played. Williams has played in 32 games for the Lakers is averaging 5.2 points and 4.5 rebounds this season.
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Miami Heat guard Mario Chalmers was fined $5,000 on Thursday by the NBA for his second flopping offense this season.
The ruling stemmed from a call against Chalmers with 5:54 remaining in the third quarter of the Miami Heat's 116-112 victory over the Los Angeles Clippers on Wednesday night.
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The Golden State Warriors recalled center Ognjen Kuzmic from the Santa Cruz Warriors of the NBA Development League, the team announced Thursday.
Kuzmic was assigned to Santa Cruz on Jan. 17 and appeared in seven games during this most recent assignment, averaging 6.9 points and 11.1 rebounds in 22.9 minutes.