Golden State would also receive Treveon Graham and Shabazz Napier, per Charania.
According to ESPN's Adrian Wojnarowski, Russell will sign for $117 million over four years. Wojnarowski also reported the Warriors traded Andre Iguodala to the Memphis Grizzlies in part to accommodate Russell's contract.
The move comes on the same day Kevin Durant agreed to a four-year, $164 million deal with the Nets, per Wojnarowski. Kyrie Irving is on his way to Brooklyn along with Durant, which meant Russell would be on the move at some point during free agency.
Russell took his game to a new level this season, averaging 21.1 points and 7.0 assists while earning his first All-Star selection. He stayed healthy (81 appearances) and became a leader while helping the Nets finish with a winning record for the first time in five years.
The No. 2 overall pick in the 2015 draft, Russell first joined the Nets in the summer of 2017 in a trade with the Los Angeles Lakers that was mostly to dump the contract of Timofey Mozgov.
He averaged 15.5 points and 5.2 assists in his first season and could have been even better without a knee injury that cost him two months. While he had shown plenty of ability during his first two seasons with the Los Angeles Lakers by averaging 14.3 points, he has become more of a complete player over the past two years.
From the Nets perspective, the restricted free agent was set to command a large new contract to keep him on the roster. The team had even considered trading him earlier in the year, reportedly including him in trade talks for Jimmy Butler, per Michael Scotto of the Athletic.
With the team already making upgrades through free agency, the Nets were able to add more assets and clear cap room going into the future.
The Warriors, meanwhile, add an All-Star to partner with Stephen Curry as Klay Thompson is set to miss most or all of the 2019-20 season recovering from a torn ACL.
From that perspective, Thompson's absence works in Golden State's favor since the team has a year to decide whether Russell can fit into its long-term outlook. Should Russell struggle to adapt to the Warriors' offensive system, general manager Bob Myers could potentially gauge his trade value this time next summer.