MANILA, Philippines – The Atlanta Hawks have traded All-Star swingman Joe Johnson to the Brooklyn Nets and forward Marvin Williams to the Utah Jazz, according to reports from Yahoo! Sports and ESPN.
Yahoo! Sports’ Adrian Wojnarowski reported Tuesday that the Nets “have reached an agreement in principle” to acquire Johnson in exchange for the expiring contracts of Anthony Morrow, Jordan Farmar, DeShawn Stevenson, Jordan Williams and Johan Petro.
The Hawks also sent Williams to the Jazz in exchange for point guard Devin Harris.
The Hawks will also get a future first-round pick in the Johnson trade.
ESPN notes that the Johnson trade allows the Hawks to start their rebuilding process after "shedding the richest contract in the whole league."
Johnson had signed a $126-million contract with Atlanta as a free agent in the summer of 2010. Shedding his contract gives the Hawks more flexibility and cap space moving forward.
The Hawks cleared even more cap space when they dealt Williams to the Jazz.
For the Nets, the trade for Johnson possibly eliminates them from the Dwight Howard sweepstakes.
The All-Star center has informed the Orlando Magic organization that he wants a trade to Brooklyn, but the Nets took themselves out of the running because of the Johnson trade.