Nets, Celts working on blockbuster

The latest on trade talks between the Celtics and Nets, with sources indicating the teams are potentially seeking to reach an agreement in principle on Thursday:

Trade talks between the Brooklyn Nets and the Boston Celtics that would land Paul Pierce and Kevin Garnett in Brooklyn have escalated, with the sides trying to reach verbal agreement on a deal by the end of Thursday night, sources familiar with the talks told ESPN.com.

The last step, sources told ESPN.com, is convincing Garnett to waive his no-trade clause, with talks to that end commencing Thursday night.

"It's in the hands of KG and Boston management now," a source said.

No trade can officially be consummated until July 10 -- when a leaguewide moratorium on signings and trades is lifted -- but the teams were making fast progress toward verbal agreement on a deal.

"It's very serious and can happen very soon," one source close to the talks said.

According to a Yahoo! Sports report, Brooklyn has agreed to send three first-round picks (2014, '16 and '18) along with Kris Humphries' expiring contract, Gerald Wallace, Tornike Shengelia, Reggie Evans and a sign-and-traded Keith Bogans to the Celtics for Pierce, Garnett and Jason Terry. By agreeing to add Terry to the trade, sources said, Brooklyn alleviated some of Boston's concerns about absorbing the remaining three years and $30 million on Wallace's contract.

Hop HERE to read the full story.