Murray barely played during his three seasons in Toronto, averaging 6.0 points, 2.7 rebounds in 95 games. The 11-year veteran had one-year and $5.25 million left on his contract.
Toronto general manager Rob Babcock wanted to clear a roster spot and allow Murray to sign with another team.
"He was the logical choice. We're loaded at his position," Babcock said. "He wasn't going to play that much so this makes sense for both parties."
Murray had demanded out of Toronto at least once. The Raptors acquired him from Cleveland in August 2002, after he demanded a trade. He spent five seasons with the Clippers before being dealt to Cleveland.
"We are extremely pleased to have a player of Michael's caliber joining our franchise," coach Gregg Popovich said. "He brings an All-Star level of talent to the floor and a high degree of character to the locker room."
The 32-year-old swingman had been courted by several rising powers in the league, including San Antonio, Phoenix, Miami and Minnesota.
Finley became a free agent last month when the Mavericks waived him under the league's new one-time amnesty clause. He's still owed nearly $52 million in salary from the Mavs, but the team is no longer obligated to match it in luxury taxes.
Finley's agent, Henry Thomas, announced Finley's decision to sign with San Antonio on Wednesday. Calls to Thomas weren't immediately returned Friday.
The 6-foot-11 Varejao, a key contributor off Cleveland's bench as a rookie last season, was injured last month while playing for his native Brazil in a World Championship qualifying game in the Dominican Republic.
The team doctors for the Cavaliers and baseball's Indians performed Varejao's surgery at the Cleveland Clinic.
The 22-year-old isn't expected to participate in training camp or play when the season begins Nov. 2, at home against New Orleans, the Cavaliers said. He will be re-evaluated once he begins his rehabilitation.
In his first season with the Cavaliers, Varejao became a favorite of Cleveland fans because of his wild, frizzy hair and his hustle on the court. He averaged 4.9 points and 4.8 rebounds in 54 games.
Allen, 6-foot-10, played 14 games with the Heat and 22 with the Bobcats, averaging five points and nearly three rebounds.
His signing comes one day after the Bulls reached a six-year agreement with restricted free agent Tyson Chandler.
Copyright 2005 by The Associated Press
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