UPDATED, 5:33 P.M. -- Adrian Wojnarowski of Yahoo! reported late Thursday afternoon that the Celtics and Nets have submitted to ownership level, for approval, a trade that would send Paul Pierce, Kevin Garnett and Jason Terry to Brooklyn for Reggie Evans, Kris Humphries, Keith Bogans, Gerald Wallace, Tornike Shengelia, another minimum player and the Nets' first-round picks in 2014, 2016 and 2018.
If ownership approves, Garnett will have to waive his no-trade clause.
BOSTON — The Big Three era in Boston would officially be over if the Boston Celtics traded away both Kevin Garnett and Paul Pierce which is being discussed with the Brooklyn Nets.
Yahoo Sports! reported on Thursday that talks of the blockbluster deal between the two Atlantic Division rivals have heated up.
CSNNE.com confirmed with a league source via text that the two teams have had discussions, "but no deal is imminent."
Several names have been tossed around as being included in the deal besides the two headliners, Garnett and Pierce.
More significantly, the deal would send three future first-round picks to Boston which would go far in Danny Ainge's rebuilding efforts.
However, such a deal cannot be completed unless Garnett waives his no-trade clause.
The league already ruled that the C's can't trade Garnett to the Los Angeles Clippers because it would be viewed as a "side deal" following Boston receiving a 2015 unprotected first-round pick from the Clippers in exchange for letting Doc Rivers out of the final three years of his contract to become the Clippers' head coach.
Knowing the Celtics are indeed rebuilding, it's unclear if Garnett will want to endure such anticipated struggles even if he does "bleed green."
And going to a Brooklyn team along with childhood pal and current teammate Paul Pierce, might be just what it takes to convince Garnett to allow such a trade to pass.
One of the players involved in the trade would be Kris Humphries who is in the final year of a contract that pays him $12 million this season.
Humphries and current Celtic point guard Rajon Rondo had an incident last season that spilled over into the front row of fans near the Celtics bench after Humphries delivered a hard foul to Garnett.
Both players were ejected from the game for their roles, but the league later handed down a two-game suspension for Rondo.
Small forward Gerald Wallace, who was fined $35,000 for his role in the incident on Nov. 28, 2012, would also be included in the trade. He has two years, $20.2 million remaining on his deal after this upcoming season.
A third player from Brooklyn would likely be tossed in as well, possibly former Celtics draft pick MarShon Brooks.