CLEVELAND — Tyrone Hill doesn’t have to sit and pout any longer. Disappointed at not being traded before last week’s deadline, Hill was waived yesterday by the Cleveland Cavaliers, who were able to reach a buyout agreement with the veteran power forward. Hill is making $6.6 million and will be an unrestricted free agent after the season.

“He wanted to try and play somewhere, and we asked him to walk away from some money,” Cavs general manager Jim Paxson said.

Once Hill clears waivers, he can sign with another team. One possibility is him rejoining the Philadelphia 76ers, who are looking for some frontcourt help.

Last week, Sixers coach Larry Brown said he would love to have Hill back. The 6-foot-9 forward played in Philadelphia from 1999-2001.

The Cavs are also close to waiving veteran guard Bimbo Coles, who, like Hill, has been benched so Cleveland can develop its younger players.

The 34-year-old Hill has been sitting — and fuming — at the end of the Cavs’ bench since he last played on Feb. 2. He had hoped the team could work out a deal before the Feb. 20 trading deadline, but the club only received mild interest in the 6-foot-9 forward’s services.

Cleveland decided to play its younger frontline players instead of Hill, who was in his second stint with the Cavs after coming over in a trade with Philadelphia before last season.

His role as a bench warmer didn’t sit well with Hill, who didn’t want his career to end as a spectator.

“Who would be happy in my situation?” he said last week. One of the NBA’s best rebounders in his prime, Hill missed the first 50 games last season with back spasms and seemed annoyed to be part of a rebuilding project with the Cavs.

In 32 games this season, Hill averaged 6.3 points.