Multiple published reports say that the Nets will acquire Kevin Garnett and Paul Pierce from as part of a blockbuster trade with the Boston Celtics.
Reports say the Nets will also acquire Boston's Jason Terry as part of the deal, and that they will send Gerald Wallace, three first-round picks and several other players.
The deal cannot be announced until July 10 per NBA rules, according to reports.
The reports came on the night that the NBA Draft was held in Brooklyn for the first time.
The Barclays Center hosted the NBA Draft Thursday.
The Brooklyn Nets and New York Knicks each had a pick in the first round.
The Nets took Duke forward Mason Plumlee with the 22nd pick of the first round.
Plumlee's brother, Miles, is a member of the Indiana Pacers organization.
The Knicks selected Michigan guard Tim Hardaway Jr. with the 24th pick.
Hardaway Jr. is the son of Tim Hardaway, who spent 14 seasons in the NBA, including five-plus seasons as a member of the Miami Heat.
The Cleveland Cavaliers selected UNLV forward Anthony Bennett with the first overall pick in the draft.