updated 12:40 a.m. ET June 26, 2009

CLEVELAND - One is the King, a reigning MVP who at age 24 needs only a championship to complete his resume. The other is a larger-than-life personality who may be past the prime of his career but remains an undeniable force and hungers for a fifth NBA title.

LeBron and Shaq. Teammates.

The Cleveland Cavaliers executed a monster trade Thursday to unite the superstars, acquiring Shaquille O’Neal from the Phoenix Suns in hopes he can help LeBron James deliver this seemingly sports-cursed city its first major pro championship in 45 years.

The deal creates a tandem that instantly rivals any in sports today and calls to mind some of the great duos in NBA history: Michael Jordan and Scottie Pippen, Magic Johnson and Kareem Abdul-Jabbar, Bob Cousy and Bill Russell, Shaq himself and Kobe Bryant.

More important, if Cleveland’s gamble works and the 37-year-old O’Neal delivers a title, it could keep James around. James is an Akron native, knows Cleveland’s pained sports history and has always maintained he wants to stay in his home state, though there is no guarantee he will sign an extension with the Cavs. Cleveland can offer him one as early as this summer.

But that’s for another day.

Hours before an NBA draft that figured to be overshadowed by the Shaq-to-the-Cavs move, the reality of James playing with O’Neal, a 15-time All-Star, was just sinking in.

“Shaq is an incredible ballplayer and a four-time NBA champion,” James said in a statement sent to The Associated Press. “I have a lot of respect for him and his game. It will be a real honor to play with Shaq as my teammates and I look forward to another great season with the Cavs.”

The Cavs sent center Ben Wallace and swingman Sasha Pavlovic to the Suns, along with a second-round pick in the 2010 draft and $500,000 in cash, for O’Neal, the 7-foot-1 center who won three straight titles from 2000 to 2002 with Bryant and the Los Angeles Lakers. His fourth title came with Dwyane Wade in Miami in 2006.

“I was elated about the trade because I get to play with one of the greatest players to ever play the game in LeBron James,” O’Neal said during ESPN’s draft telecast. He expects “a lot of fun, a lot of just having a good time and a lot of smiling, and a lot of winning.”

The teams first talked about a deal in February but couldn’t work out an agreement before the deadline, a missed opportunity that cost the Cavaliers in this year’s playoffs when they had no answer inside for Orlando center Dwight Howard in the Eastern Conference finals.

After the Cavaliers were eliminated with a Game 6 loss, a frustrated James stormed off the floor in Orlando without shaking the hands of any Magic players, including Howard, his U.S. Olympic teammate.

Cleveland general manager Danny Ferry and Phoenix GM Steve Kerr, former teammates and close friends, never closed the book on the O’Neal deal and finally reached an agreement early Thursday morning.

Ferry completed the deal because he wants to win a title. Now.

“Our goals are aligned with what our players want, including LeBron, and that’s to win a championship and win it next year,” Ferry said. “We don’t want to be patient.”

The Cavaliers didn’t expect to find immediate help in this year’s draft, and selected raw forward Christian Eyenga from the Republic of Congo with the final pick (No. 30) in the first round. The 20-year-old Eyenga played in Spain last season. Cleveland used the No. 46 pick on North Carolina forward Danny Green, who played more games than anyone in school history.

Cleveland then purchased the No. 57 pick from Phoenix and selected Turkey’s Emir Preldzic, who can play both guard positions and small forward.

For sheer celebrity value, the O’Neal-James tandem is as captivating as any on the sports landscape. And if it works, and lasts, the pairing may one day belong in the same company as some of the all-time combinations: Mickey Mantle and Roger Maris, Sandy Koufax and Don Drysdale, Joe Montana and Jerry Rice.

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