The Cavaliers signed Thor to a two-way contract Saturday, Shams Charania of The Athletic reports.
Thor is included on South Sudan's roster for the Paris Olympics.
The Hornets are declining Thor's fourth-year player option on Friday, making him an unrestricted free agent, Roderick Boone of The Charlotte Observer reports.
Thor notched 20 points (8-11 FG, 3-6 3Pt, 1-2 FT), nine rebounds, four assists, three blocks and two steals in 41 minutes during Sunday's 120-110 victory over the Cavaliers.
Thor will start at power forward in Sunday's season finale versus the Cavaliers.
Thor isn't starting Friday against the Magic.
Thor will be in the starting lineup for Wednesday's game against Portland, Sam Perley of the Hornets' official site reports.
Thor (shoulder) is available for Monday's game against the Cavaliers.
Thor (shoulder) is probable for Monday's game against Cleveland.
Thor (shoulder) has been downgraded to out for Saturday's matchup against the Hawks.