According to several reports, McCaw is now planning to sign a one-year deal with the Toronto Raptors.
The Raptors aren't involved in the investigation.
Golden State extended a qualifying offer, but McCaw decided instead to hold out for a better deal - ideally one in which he could become an unrestricted free agent at the end.
The Cavs recently signed McCaw to a two-year, $6 million offer sheet.
The Warriors didn't match the offer, making McCaw a member of the Cavs.
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McCaw cleared waivers on Wednesday afternoon, sources said.
McCaw averaged 4.0 points in 128 regular-season appearances with the Warriors in the 2016-17 and 2017-18 seasons.
No one is exactly sure why the Cavs made a decision to go through with that plan, but they are being investigated by the league for possibly salary cap circumvention.
Suspicions immediately arose around Cleveland's motivation behind signing a player from the team that beat them in three of four NBA Finals, then releasing him nearly immediately.
National Basketball Association officials will speak to Patrick McCaw's representatives Thursday, as the league begins an investigation centered on McCaw and the Cavaliers, according to Mark Medina of the San Jose Mercury News.
The Raptors announced Thursday that the club had signed McCaw, although terms of the deal were not disclosed. McKinnie played in 14 games for Toronto last season, and his Warriors contract became guaranteed Monday. He also will, once again, be a restricted free agent in the summer of 2019.