Charania provided the full details of the deal:
Irving, 25, has been in search of a new home since he reportedly requested a trade during a July meeting with Cavaliers owner Dan Gilbert.
On Aug. 15, Adrian Wojnarowski of ESPN.com reported the Cavaliers were "fixated on a young star" in return for Irving. At 28 years old with one year remaining on his deal, it's unclear whether Thomas would meet that requirement.
However, a package consisting of Thomas and young players or draft picks—the Celtics own the Nets' unprotected 2018 first-round selection, for instance—could meet the Cavaliers' demands.
Irving, meanwhile, has two years and approximately $39 million remaining on a contract that includes a $21.3 million player option for the 2019-20 season.
Given the Celtics' treasure trove of assets and win-now mindset, they seem like the most logical trade partner for the Cavaliers.
And with Cleveland intent to trade Irving before his value depreciates, pulling the trigger on this deal before the 2017-18 season starts makes sense if the defending Eastern Conference champions want to have a more stable foundation in place for years to come.
That said, the reported move between the two will be dissected endlessly considering they just squared off for a spot in the NBA Finals and figure to represent the class of the East again next season.