JULY 11, 5:03pm: The deal is now official, according to a press release by the Nets.
JULY 2, 4:51pm: DeShawn Stevenson's sign-and-trade deal that puts him on the Hawks is for three years and $6.9MM, but only the first year, at $2.3MM, is guaranteed, Chad Ford of ESPN.com reports via Twitter.
4:18pm: The Nets and Hawks have agreed to terms on a trade that would send Joe Johnson to Brooklyn, tweets Chris Broussard of ESPN.com, who says the deal is contingent on Deron Williams agreeing to return to the Nets. However, David Aldridge of TNT says the Nets would agree to the deal regardless of Williams' status (Twitter link). Broussard adds that the deal would put the Nets out of the running of Dwight Howard, as it wouldn't leave enough cap room.
Adrian Wojnarowski of Yahoo! Sports tweets that the deal would send Jordan Williams, Johan Petro, Jordan Farmar, and Anthony Morrow to Atlanta, along with DeShawn Stevenson in a sign-and-trade, with Johnson heading to Brooklyn. David Aldridge of TNT adds that the Hawks would also get a 2013 first-round pick the Nets acquired from the Rockets (Twitter link). That pick is lottery protected through 2016, and would become a second round pick and cash in 2017, according to Ken Berger of CBSSports.com (Twitter link).
While this may take the Nets out of the equation for D12, Josh Robbins of the Orlando Sentinel notes that it would put Josh Smith and Morrow, two of Howard's best friends, on the same team (Twitter link). As for Deron Williams, the Nets are meeting with him right now, Broussard tweets, and informing him of the trade. Stefan Bondy says the deal would put the Nets in a better position to win now and in the future than the Mavericks, a point the Nets are surely stressing in the meeting (Sulia link).