7:31pm: The Raptors and Nets have confirmed that the trade is done. Brooklyn received Monroe and Toronto’s 2021 second-round pick in exchange for cash, then waived the veteran center. The second-rounder is unprotected, while Toronto received $110K in the deal, per Scotto (Twitter links).
The Nets plan to waive Monroe after the deal becomes official, according to The Athletic’s Michael Scotto (Twitter link), who adds that Brooklyn will send cash considerations in the trade. The Nets will receive Toronto’s 2021 second-round pick as part of the deal.
For Brooklyn, this deal represents the only trade the team made on Thursday. The Nets will keep its current core, which has gone 21-9 in the past 30 games, as they begin to focus on reaching the postseason this April.
After this agreement and an earlier trade with Memphis, Toronto has reduced its roster size to just 10 players. The team is expected to sport an intimidating starting group consisting of Kyle Lowry, Danny Green, Kawhi Leonard, Pascal Siakam and Marc Gasol to compete in the East.