The Boston Celtics and Brooklyn Nets are working on a potential blockbuster trade involving All-Stars Paul Pierce and Kevin Garnett, according to ESPN.
Garnett has reportedly agreed to waive his no-trade clause, paving the way for the two teams to reach an agreement involving eight players and three draft picks.
The proposed deal would see the Nets land Garnett, Pierce and guard Jason Terry. In exchange the Nets would send three first-round picks from the 2014, 2016 and 2018 draft, along with Kris Humphries' expiring contract, Gerald Wallace, Kris Joseph, MarShon Brooks and a sign-and-traded Keith Bogans.
The two sides have reportedly reached an agreement in principle, but no trade can be signed off before July 10 - the date when an NBA moratorium on signings and trades ends.
According to ESPN's source, Garnett's waiver was the final stumbling block cleared, after Boston's concerns over collecting Wallace's three-year $30m contract were alleviated when the Nets agreed to take Terry.
Nets general manager Billy King refused to comment on the trade reports, but the proposed deal would signal a clear commitment from the Nets to contend in the Eastern Conference next season.
Adding the veteran trio to Deron Williams, Joe Johnson and Brook Lopez would give them a strong starting five.
First-year head coach Jason Kidd would be expected to improve on last season's showing if the trade is cleared - the Nets were knocked out in the first round of the playoffs by the Chicago Bulls this term.
The Celtics, having dumped Doc Rivers' three-year $21m contract, are clearly positioning themselves for a season of transition.
By loading up on draft picks and creating cap space, they are looking to the future.