UPDATE: Monday, July 2 at 7:18 p.m. ET by Richard Langford
Yahoo! Sports' Adrian Wojnarowski is reporting that this deal is all but done.
The Nets and Hawks have agreed in principle to complete the Joe Johnson trade, league sources tell Y! Sports.— Adrian Wojnarowski (@WojYahooNBA) July 2, 2012
If this is true, the only thing likely keeping this from becoming official is a matter of formalities. It would have to get approval from the league, and the involved players are likely on their way to some physicals.
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Adrian Wojnarowski of Yahoo! Sports was the first to report the agreement, tweeting about the deal Monday afternoon:
As teams finalize framework of Joe Johnson deal contingent on DWill commitment, Nets won't be sending future 1st to Atlanta, source tells Y!— Adrian Wojnarowski (@WojYahooNBA) July 2, 2012
Nets would send Jordan Williams, Petro, Farmar, Morrow and a sign-and-trade of Stevenson for Joe Johnson, sources tell Y!— Adrian Wojnarowski (@WojYahooNBA) July 2, 2012
League source tells Y! that Joe Johnson deal now likely "happens with or without Deron." Nets officials are meeting with Williams right now.— Adrian Wojnarowski (@WojYahooNBA) July 2, 2012
Shortly afterwards, Michael Cunningham of the Atlanta Journal Constitution wrote about the proposed trade, and his report featured some conflicting information when compared to Wojnarowski's. Cunningham wrote that the Nets would be sending a first-round pick to Atlanta in addition to the players Wojnarowski listed.
Either way, this is clearly a salary-dumping move on the Hawks' part, who would be moving Johnson and his massive salary for four expiring contracts and current free agent DeShawn Stevenson. Johnson is owed between $19 million and $25 million in each of the next four seasons, with his salary increasing each year.
The Nets have also been featured in many Dwight Howard rumors over the last few months, but it appears that they have moved on.
If the deal goes through and they re-sign Williams, Brooklyn will have just four players—Williams, Johnson, MarShon Brooks and Brook Lopez (RFA)—on the books for next season.
They have also reportedly agreed to re-sign free agent small forward Gerald Wallace.
Nothing is official yet, but we will have all the updates for you as soon as they are available.