ESPN's Adrian Wojnarowski reported Wednesday that the Nets picked up Howard in exchange for center Timofey Mozgov, a 2018 second-round pick and a 2021 second-round pick.
Following his buyout, Howard will become an unrestricted free agent.
Howard was set to enter the final year of his contract, and there was over $23.8 million remaining on his deal, per Spotrac.
The trade and buyout can't officially be completed until the league moratorium ends on July 6, according to Wojnarowski.
Howard has bounced around regularly in recent seasons, as he has played for the Houston Rockets, Atlanta Hawks and Hornets over the past three campaigns.
Last season, the 32-year-old put up his best numbers since 2013-14 with averages of 16.6 points, 12.5 rebounds and 1.6 blocks.
Howard also shot 55.5 percent from the field and appeared in 81 contests.
The best years of the 2004 No. 1 overall pick's career came during his tenure with the Orlando Magic. Six of Howard's eight All-Star nods came while with the Magic, and he led Orlando to the NBA Finals in 2009.
From 2007-08 through 2011-12, Howard averaged at least 20 points and 13 rebounds per game in four of five seasons.
For his career, the three-time NBA Defensive Player of the Year boasts averages of 17.4 points, 12.7 rebounds and 2.0 blocks.
Although he is no longer the dominant player he once was, Howard proved last season that he can still be a highly productive NBA center.
With Brooklyn trading Mozgov and buying out Howard, it suggests that the Nets are comfortable with Jarrett Allen as their starting center after he averaged 8.2 points and 5.4 rebounds per game last season as a rookie.