Beilein is reportedly expected to say goodbye to members of the organization Wednesday.
The Cavs and Beilein negotiated a financial settlement that will pay the 67-year-old a portion of his 2019-20 salary, according to Wojnarowski. Beilein was in the first season of a five-year deal that was reportedly worth more than $4 million annually.
Beilein, whose collegiate coaching career spanned more than four decades, reportedly entered All-Star Weekend mulling his future with the Cavaliers. The stress of losing games coupled with multiple clashes with his players expedited his exit, sources told Wojnarowski.
In January, Beilein referred to Cavs players as "thugs" during a film session. He later clarified he meant to say "slugs."
Bickerstaff, meanwhile, is set to become the Cavaliers' fourth head coach since 2016 and owns a career record of 85-131.
The 40-year-old will assume head coaching duties midway through a campaign for the third time in his career. Bickerstaff replaced Kevin McHale as Houston Rockets bench boss during the 2015-16 season and became the Memphis Grizzlies' interim head coach in November 2017 after David Fizdale's firing.
Cleveland is dead last in the Eastern Conference with a 14-40 record.