League sources told ESPN, The Athletic and Newsday on Wednesday that Washington is sending two future second-round draft picks to the Nets, who also will receive an $11.5 million trade exception as part of the agreement.
Dinwiddie will receive a three-year contract worth about $60 million from the Wizards in the sign-and-trade deal.
Washington also is trading forward Chandler Hutchison and a 2022 second-round selection to the San Antonio Spurs, according to ESPN, allowing the team to remain out of the luxury tax for the 2021-22 campaign.
Both of those deals will be folded into what is now a five-team trade that will send star guard Russell Westbrook to the Los Angeles Lakers. In that agreement, the Lakers received Westbrook, while the Wizards got Kyle Kuzma, Kentavious Caldwell-Pope and Montrezl Harrell from Los Angeles.
Washington also obtained a second-round pick in last week's NBA Draft and point guard Aaron Holiday from the Indiana Pacers in the swap, as well as Dinwiddie from the Nets. The first-round choice the Lakers initially agreed to trade to Washington -- the No. 22 overall pick in the 2021 draft -- was rerouted to the Pacers.
The Spurs will get Hutchison and the second-rounder, while the Nets are receiving the two second-round picks and the trade exception. The entire trade won't be official until Friday.
Dinwiddie played just three games last season for the Nets after suffering a partially torn right ACL in December. Before the major injury, the 28-year-old guard averaged 20.6 points and 6.8 assists over 64 games (49 starts) for Brooklyn in the 2019-20 season.