According to the Boston Globe, citing league sources, the Cavs will send Jarrett Jack and Sergey Karasev, the 19th pick in last year's NBA Draft, to the Nets and Tyler Zeller and a 2016 first-round draft pick to the Celtics, who will also acquire Brooklyn's Marcus Thornton. Cleveland is expected to acquire a future second-round pick from either Boston or Brooklyn to complete the trade.
After news of the report broke, Jack tweeted "I got news," implying that he has been notified of the deal, which can't become official until Thursday after the NBA lifts its moratorium on signings and trades.
According to the Cleveland Plain Dealer, the move will free more than $21 million in cap space for the Cavs, who have been rumored to be interested in the services of free agent LeBron James.
The max deal the Cavs could give James, who spent the first seven years of his career in Cleveland before bolting for four years and two titles in Miami, would be $20.7 million.