The move appeared to be a salary dump for the NBA champions, since Brewer was to make $3.1 million this year with Fernandez making $2.18 million, The Fort Worth (Texas) Star-Telegram reported.
With the recent arrivals of guards Vince Carter and Delonte West, Fernandez -- who joined the Mavs from Portland earlier this off-season via a three-way trade -- became expendable, the newspaper said.
He has averaged 9.1 points, 2.5 rebounds and 2.2 assists in 218 career games, while Brewer -- part of Dallas' championship team last year -- has put up 8.9 points and 3.2 rebounds per game in three seasons with the Mavericks and Minnesota Timberwolves.
"We are excited to add two talented young wing players who have proven themselves in the NBA," Nuggets Executive Vice President of Basketball Operations Masai Ujiri said. "They add depth to our roster, something that helped us finish strong last season, and I'm confident they will fit well with coach (George) Karl's style of play."