UPDATE: According to multiple reports, a deal in principle has been reached between the Nets and Kings:
Sacramento and Brooklyn have reached an agreement in principle on the three-player trade, league source tells Yahoo Sports.
— Adrian Wojnarowski (@WojYahooNBA) February 19, 2014
Sacramento Kings guard Marcus Thorton is on his way to Brooklyn, according to Yahoo! Sports. In exchange for Jason Terry and Reggie Evans, the Nets would be acquiring Thorton:
Sacramento and Brooklyn were still discussing the possibility of a future conditional draft pick to the Nets, league sources said, but the structure of a deal is in place.
The Nets’ deal with Sacramento doesn’t preclude them from also completing a deal for the Los Angeles Lakers’ Jordan Hill using the Nets’ Disabled Player Exception, sources said.
Thornton’s contract has two years and nearly $17 million remaining through the 2014-15 season. Terry, 36, has $10.7 million left on his deal, including $5.4 million next season.
Brooklyn has discussed a deal involving Terry for Cleveland’s Jarrett Jack, too, but sources say that is an unlikely scenario based on the length of Jack’s contract, which guarantees a total of $12.6 million in the final two years of his deal through the 2015-16 season. The Cavaliers are interested in getting out of Jack’s deal, and would try to move Terry to a third team, league sources said.
The Nets’ $5.25 million Disabled Player Exception can be used in a trade or free-agent transaction until March 10 and they can use a portion of it to absorb the remaining $3.5 million on Hill’s expiring contract.