According to The Vertical's Adrian Wojnarowski, the Kings will receive guard Buddy Hield, Tyreke Evans, Langston Galloway and a 2017 first and second-round pick in exchange for Cousins and Omri Casspi.
ESPN's Marc Stein also reported the terms of the agreement.
The stunning move evidently came after the Kings grew wary of Cousins' ability to be a future franchise centerpiece.
Specifically, Wojnarowski reported Cousins' "uneven behavior" had "softened Ranadive’s resolve" to keep the center. Citing sources, Wojnarowski added "Ranadive has started to adopt management’s concerns about Cousins' temperament to become a franchise pillar."
USA Today's Sam Amick echoed that sentiment:
Incidentally, Cousins was dealt just hours after his agent said the Kings remained steadfast in their commitment to the big man.
"We met with Vlade [Divac] and ownership, and they assured us and DeMarcus that he's not being traded," agent Jarinn Akana told Wojnarowski. "As far as we're concerned, nothing has changed."
Akana had previously told Stein that if Cousins were to be traded, he would be "unlikely" to sign an extension this summer with his new team.
While Cousins' name had been prominent in various trade rumors over the past year, he maintained that he preferred to stay in Sacramento long-term.
Speaking to ESPN.com's Ramona Shelburne during a Friday edition of SportsCenter, Cousins said he wants his "legacy to end in Sacramento" and his "jersey to be in the rafters in Sacramento."
However, it should be noted that Cousins was effusive in his praise of the Big Easy when he met with reporters after Sunday's All-Star Game.
"I love it here in New Orleans," he said, according to Sports Illustrated's Ben Golliver. "I've been here a lot when I was a kid. I'm familiar to the city. I had fun here."
A top-10 NBA talent who's one of two players averaging at least 25 points, 10 rebounds and four assists this season, Cousins remains among the most electric and versatile the league has to offer.
And now that a player of his caliber with such a polished arsenal of skills has been paired with Anthony Davis, the Pelicans figure to rank among the NBA's most compelling teams as the postseason approaches.