Nets, Cavs, Celtics Close To Jarrett Jack Trade

9:38am: The Cavs will probably end up with a future second-round pick when the deal gets done, according to Stein (Twitter link).

WEDNESDAY, 9:35am: An agreement is close on a three-way deal involving Cleveland, Brooklyn and Boston that would send Jack to the Nets, Stein tweets. Karasev would go to Brooklyn as well. The Celtics would receive Thornton, Tyler Zeller and a first-round pick, Stein adds (on Twitter). It’s unclear what the Cavs would get, but it appears as though they would receive the cap flexibility to acquire LeBron. Boston would be using its nearly $10.3MM trade exception to acquire Thornton, according to Jeff Goodman of ESPN.com, who adds that the first-rounder the Celtics are getting is for 2016 (Twitter link).

10:23am: The Hawks are among the teams the Cavs have recruited as a potential landing spot for Thornton, according to Ken Berger of CBSSports.com (Twitter links). The Hawks have nonetheless shown little interest in Thornton, Berger adds (on Twitter).

8:51am: The Cavs, who had reportedly been shopping Jack and draft picks, are now doing the same with Thornton and picks on the assumption they’d be able to get Thornton from the Nets, as Adrian Wojnarowski of Yahoo! Sports details. Cleveland is also making Sergey Karasev available in trades, Wojnarowski adds.

JULY 7TH, 7:59am: The Cavs and Nets have a deal in place contingent upon finding a third team to absorb Thornton, as Adrian Wojnarowski of Yahoo! Sports said Sunday on Fox Sports Radio, and as Sam Amico of Fox Sports Ohio confirms. The Suns, Mavs and Timberwolves are among the teams potentially interested in Thornton, Amico hears. Cleveland has been shopping Jack and dangling a draft pick to go along with him, as Wojnarowski reported this weekend, and one way or another, the Cavs intend to trade Jack before the coming season begins, a source tells Amico. Unloading Jack has become key to Cleveland’s efforts to clear max cap room for LeBron James, as we passed along earlier.

JULY 2ND, 9:56pm: As predicted by ESPN.com’s Marc Stein, the Nets and Cavs are revisiting talks of a Thornton-Jack swap, tweets Ohm Youngmisuk of ESPNNewYork.com.

1:43pm: The Kings are interested in Jack, too, but they’re holding off until they know what happens with restricted free agent Isaiah Thomas, according to Sam Amico of Fox Sports Ohio.

JULY 1ST, 8:14pm: The loss of Shaun Livingston is likely to resurrect the Thornton-for-Jack trade talks, tweets Marc Stein of ESPN.com.

JUNE 23RD, 8:01am: Sam Amico of Fox Sports Ohio is also hearing denials of Thornton-Jack talks, though Jack’s name has come up as the Cavs discuss potential trades with other teams, Amico says.

SATURDAY, 3:47pm: League sources deny that the Nets and Cavs have discussed a Thornton/Jack swap, tweets Michael Scotto of Sheridan Hoops.

2:36pm: The Nets and Cavs are discussing a trade that would center around Marcus Thornton and Jarrett Jack, reports Marc Stein of ESPN. Cleveland is interested in freeing up cap space by shedding Jack’s contract, which is guaranteed through 2015/16, in favor of Thornton’s expiring pact, says Stein, who adds that Brooklyn is among the few teams in the league undeterred from acquiring Jack’s extended deal.

Jack signed a $25MM contract with the Cavs last summer after a successful 2012/13 campaign in which he came off the bench behind Stephen Curry for the Warriors. His 2013/14 season was a disappointing one however, as the point guard shot just 41% from the floor and posted a career-low 11.5 PER.

Thornton was acquired by the Nets at last season’s trade deadline, and he proved to be a valuable asset for Brooklyn, averaging 12.3 points per night in just 23.8 minutes per contest. He’s set to enter free agency after the 2014/15 season.

According to Stein, the Nets fear they’ll lose free agent-to-be Shaun Livingston this offseason after a year in which the often-injured point guard exceeded expectations on a minimum-salary contract, and the club is looking to replace his production by acquiring Jack from the Cavs. Brooklyn, deep in the luxury tax, would only be able to offer Livingston a three-year deal in the neighborhood of $10MM using the taxpayers mid-level exception. The Timberwolves are one team rumored to be interested in Livingston that can make a more lucrative offer.