Citing sources with knowledge of the deal, The Atlanta Journal-Constitution and New York Daily News reported the Nets have finalized a deal for Johnson in exchange for five players and Houston's lottery-protected 2013 first-round draft pick.
The deal can't be announced until July 11 under the NBA's trade moratorium rules.
Under the deal, the Hawks will free themselves from Johnson's hefty contract, which calls for $90 million over the next four years. The six-time all-star averaged 18.8 points and 3.9 assists over 60 games for Atlanta last season.
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