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The Toronto Raptors have agreed with Atlanta to trade guard John Salmons for fellow veteran Lou Williams, according to sources close to the process.
Sources previously told ESPN.com that the teams were in "deep discussions" on a deal to send Salmons to Atlanta for Williams in time for the Hawks to be able to waive Salmons and pay only $1 million to buy him out of next season's $7 million salary.
The Hawks, sources say, will immediately waive Salmons to expand their projected salary-cap space for this summer to $15.5 million, though one source cautioned Sunday that the move is more about flexibility and roster-shaping for the Hawks than any specific free-agent target.
Sources say that the Raptors will also acquire the rights to Brazilian big man Lucas Nogueira from the Hawks. Nogueira played for Estudiantes in Spain after being selected with the 16th overall pick in the 2013 draft.
ESPN.com reported earlier this week that the Raptors engaged in serious discussions on draft day to swap Salmons and his cap-friendly contract for Grizzlies swingman Tayshaun Prince and Memphis' first-round pick (No. 22). But those talks collapsed when two players Toronto was targeting in that draft range -- Tyler Ennis and Gary Harris -- were gone by the time the Raptors made their first selection of the round, drafting Brazilian project Bruno Caboclo at No. 20 overall.