Update at 10:58 PM ET
And with one more tweet from Woj, Kevin Garnett has agreed to waive his no-trade clause. This mega-deal will happen.
Update at 9:18 PM ET
Per ESPN's Marc Stein, both teams are ready to go through with this trade, but there will be no decision on Kevin Garnett and his no-trade clause tonight.
Update at 9:08 PM ET
Mark Murphy of the Boston Herald reports that a league source says this blockbuster has a "high" chance of working out.
This is just cementing everything we've heard so far. It will now be more of a surprise if it ends up falling through.
Update at 6:50 PM ET
As he has earned the right to do, Kevin Garnett would like some time to deliberate on this decisions, per Wojnarowski.
Kevin Garnett "doesn't want to be pressured into a quick decision," source familiar with his thinking tells Y! Sports. Teams want if soon.
Obviously, when something this big comes on the table, GMs want things done quickly. There is less time for someone to get cold feet. However, this is a major decision for Garnett's legacy and future. If he wants to mull it over, he should be able to.
Update at 6:30 PM ET
Two more pieces of news have come trickling in.
The first comes courtesy of A. Sherrod Blakely, who reveals that KG is already thinking about that no-trade clause:
NBA source says KG expects to touch base w/Pierce before waiving his no-trade clause to allow #Nets #Celtics deal to go through.
Our second update comes from Howard Beck, enlightening us as to the nature of the picks that Boston would be receiving:
In proposed deal, Nets would send Celtics 1st-rd picks in 2014, 2016, 2018. The latter two would be unprotected, per source.
No surprises here, as KG and Pierce need to sync up before anything happens and the Nets presumably wouldn't have to worry about having a high pick anyway.
Update at 5:45 PM ET
A minor update this time around from Adrian Wojnarowski. He is detailing when exactly those three picks promised to the Boston Celtics would be coming due.
The three first-round picks the Nets propose to send to Boston: 2014, 2016 and 2018.
There is little surprise here, as not many GMs are valuing the current draft class as much as next season's and in the future. This is also helpful to the Celtics case, as Pierce, Garnett and Terry probably won't be playing much longer, meaning the Nets could get worse after next season, increasing the likelihood of those 2016 and 2018 picks being good.
Update at 5:25 PM ET
It is important to remember that, while very exciting, this deal won't be getting done tonight. Too many things still have to happen surrounding Paul Pierce's contract and Kevin Garnett's no-trade clause.
As Ken Berger of CBS reminds us, nothing real will happen tonight, but there is plenty of momentum behind this.
Wojnarowski is keeping himself plenty busy updating us on this potential deal. Things have apparently elevated to the next level, with ownership getting involved.
Celtics, Nets deal has reached ownership level, league source tells Y! Jason Terry joins Pierce and Garnett in package, source says.
This means Mikhail Prokhorov and Wyc Grousbeck are being contacted and weighing in on things. Also, in a later tweet, he reports that Jason Terry has been for sure added to the prospective deal that would also return Reggie Evans, Keith Bogans and another mid-level player, along with the previously stated pieces.
The Celtics have been trying to unload Terry or Courtney Lee as a part of their recent trade rumors. It appears they have found a way to attach him to the other two Celtics' veterans in this deal. Boston would love to bring in Reggie Evans as a part of it, as the team finished 29th overall in team rebounding last season. Evans grabbed 11.1 per game with the Nets.
Update at 4:55 PM ET
Wojnarowski isn't done reporting about this potential trade quite yet (note: multiple tweets have been combined into one quote):
Celtics and Nets continue to make significant progress on parameters of a Garnett-Pierce deal, sources in talks tell Y! Sports. The teams won't seek approval of Garnett to waive his no-trade clause "until the deal is agreed upon," one source in talks tells Y! For Boston to get Garnett to agree to waive his no trade, it takes a unique circumstance: Moving with Pierce to a big market might be it.
It seems a bit strange not to ask Garnett if he'd approve the deal before spending time hashing out the details, which might be an indication that both sides are comfortable assuming he'd be fine playing with Pierce just about anywhere.
Update at 3:25 PM ET
The Boston Globe's Gary Washburn is getting in on the action here:
NBA source confirms Celtics-Nets talks and also adds #celtics are in talks with multiple clubs about deals
At this point, it's definitely become well known that Boston and Brooklyn are talking, although the details of the deal itself are being hashed out. The interesting part here is what could happen with other teams.
Could the rumor that a Kevin Garnett-Minnesota Timberwolves reunion is in the works start coming into play on a larger scale?
Of course, as Howard Beck of the New York Times tweets, it's important to take all of this with a grain of salt. This deal is still in it's infancy, and it appears unlikely to happen. At least in its current state, and certainly not until the moratorium lifts on July 10.
Person involved in Nets-Celtics talks says there's "slim chance" of a KG/Pierce deal getting done. (But these things have a way of changing)
Again, this shouldn't be surprising until Brooklyn gives Boston a bit more than its currently parting ways with.
Update at 2:50 PM ET
The rumored deal is sprawling, as Wojnarowski reports that it could get even bigger:
The Boston-Brooklyn discussions for Garnett and Pierce are serious, several team sources tell Y! "Deal could get even bigger," source says.
There's also some good news for the Celtics, as they could be clearing out more cap space by dealing either Courtney Lee or Jason Terry in the package:
The Celtics are discussing the possibility of including either guard Jason Terry or Courtney Lee in the package, sources tell Y! Sports.
This is a step in the right direction, as Brooklyn likely needs to keep sweetening the deal in order to pry to studs away from the clutches of Danny Ainge.
Update at 2:15 PM ET
A. Sherrod Blakely of Comcast SportsNet has an alternate deal that could go down between the Brooklyn Nets and Boston Celtics:
A more likely , deal? Pierce for Humphries+future 1st rd pick.KG no-trade clause+GWallace contract are potential deal killers.
This still seems unlikely to me, simply because—and I'm quoting B/R's Ethan Norof here—it "would maybe be one of the worst deals ever for a team's franchise/best player."
The hilarity of Kris Humphries and Rajon Rondo being teammates aside, this doesn't do much for Boston's future, and trading Pierce would be a clear sign that the franchise is moving into a rebuild.
Update at 1:55 PM ET
The Boston Herald's Mark Murphy confirms that these talks are ongoing:
League source confirms Yahoo! report that Celtics are talking with Nets about Pierce and Garnett.
Additionally, Wojnarowski informs us that this deal couldn't happen until the moratorium ends on July 10. In order for the salaries to balance out, Pierce's 2013-14 money must come into play.
My take: By that point, the Celtics will surely have realized that this doesn't make much sense for them.
Remember when the Los Angeles Clippers were set to become the Los Angeles Celtics by dealing for Doc Rivers and Kevin Garnett before acquiring Paul Pierce after his contract was bought out by the Boston Celtics?
The Rivers part happened, but that was it.
Now it looks like the rest of the pieces could be moving to the Brooklyn Nets. No deal is certain to happen at any point in the near future, but Yahoo! Sports' Adrian Wojnarowski is providing us with the framework:
The Brooklyn Nets are pursuing a blockbuster deal with the Boston Celtics to acquire future Hall of Famers Kevin Garnett and Paul Pierce, league sources told Yahoo! Sports.
The talks are centering around a package that would include Gerald Wallace, Tomike Shengelia, the expiring deal of Kris Humphries and three future first-round picks, sources told Y! Sports.
Garnett has yet to be approached about waiving his no-trade clause, sources said, but there's a belief that he could be convinced of agreeing to a deal should the Celtics and Nets be able to reach an agreement on terms.
Fact or Fiction:
I hate to deny the validity of one of Wojnarowski's reports—and I have no doubt that this is being discussed if he says it is—but this isn't happening. There's a reason that it's phrased as "The Brooklyn Nets are pursuing..."
This is a terrible deal for the Celtics.
Not only would they not be getting any valuable players, but the picks don't hold much value. Gerald Wallace is starting to look washed up, and he's certainly not worth his contract. Tornike Shengelia isn't anywhere close to being a star, and Humphries isn't exactly the most excellent player.
Moreover, those future first-round picks aren't going to be worth much either. With Pierce, Garnett, Deron Williams, Joe Johnson and Brook Lopez, the Nets would be unbelievably stacked, and it's hard to see them finishing outside of the top five in the NBA over the next few years.
You can't rebuild around late first-round picks, even if you have 50 of them. You certainly can't with only three.
But that's the Celtics' problem. Too much has happened shockingly fast, and the wheels have all gone in motion. It won't happen for another few weeks, but this one is going down.