According to both The Sacramento Bee and The Atlanta Journal- Constitution, the Hawks will receive guards Anthony Johnson and Tyronn Lue, along with forwards Shelden Williams and Lorenzen Wright in return for Bibby.
Both newspapers reported the deal could be finalized during a Saturday conference call between officials from both teams and the league.
Bibby has a thumb injury that has limited him to 15 games this season. He is averaging 13.5 points and five assists.
Selected by Vancouver with the second overall pick of the 1998 draft, Bibby has averaged 16.7 points, 6.2 assists and 3.7 rebounds in 690 games with Vancouver and Sacramento.
Williams was the fifth overall pick in the 2006 draft out of Duke, but has played sparingly this season, averaging just 2.9 points, 2.9 boards and 11.4 minutes in 35 games.
Lue has averaged 6.8 points and 1.8 assists in 33 games with the Hawks this season. The 10-year veteran has averaged 9.1 points and 3.4 assists in 493 NBA games with Atlanta, Orlando, Washington and the Los Angeles Lakers.