According to ESPN's Marc Stein, the New Orleans Hornets are going to acquire second-year guard Xavier Henry from the Memphis Grizzlies in a three team deal that also include the Philadelphia 76ers sending Marreese Speights to Memphis, with future draft picks also involved.
On New Orleans' side, The Times Picayune's John Reid has reported that the Hornets are going to acquire Henry in exchange for a future second-round pick.
Henry was the 12th pick of the 2010 NBA Draft and had shown flashes of his potential last season.
However, star player Rudy Gay's return along with the form of Tony Allen and O.J. Mayo meant that Henry would be the second guard off the bench at best, and at the moment, that spot is taken by fellow swingman Sam Young.
With this year's second-round pick Josh Selby also in the picture, Henry was deemed surplus to requirements and the Hornets scooped him up.
The Hornets, while they did acquire Eric Gordon in the Chris Paul trade, were looking for another guard off the bench besides Marco Belinelli and Greivis Vasquez. When Gordon went down due to injury, Hornets coach Monty Williams had to play training camp signing Trey Johnson. With the other starting guard Jarrett Jack also injury prone, Henry's arrival ensures that the Hornets will be in good supply of guards.
Henry's acquisition is also another step for Hornets GM Dell Demps to continue accumulating assets for the future. With young, promising players like Gordon, Vasquez and Al-Farouq Aminu having already arrived and playing every game, the Hornets are giving the prospects every opportunity to flourish.
Combine the players above with the pending arrival of prized import Gustavo Ayon and Henry, the Hornets look to continue building themselves into a new era.