Reports: Nets acquire Johnson from Hawks

NEW YORK, July 2 (UPI) -- The Brooklyn Nets have acquired all-star guard Joe Johnson from the Atlanta Hawks, multiple reports indicated Monday.

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.

The move came after the Nets -- preparing for their first season in their new home in Brooklyn -- re-signed Gerald Wallace and indicated they were pursuing free agent point guard Deron Williams.

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.

Jordan Farmar, Anthony Morrow, Johan Petro, DeShawn Stevenson and Jordan Williams -- all players with expiring contracts -- will move to Atlanta in the deal, the reports said.