"Two people with knowledge of the negotiations have confirmed the Nets have agreed to a deal to acquire All-Star point guard Deron Williams from the Utah Jazz. The Nets will send Devin Harris and rookie power forward Derrick Favors to the Jazz, along with two first round picks, according to The Record, which first reported the deal. Yahoo! Sports reported the Nets would also send Utah $3 million.

As part of the deal, Yahoo! Sports reported the Nets would send Sparta-raised power forward Troy Murphy to the Golden State Warriors in exchange for center Dan Gadzuric and power forward Brendan Wright.

The Nets are practicing now and Yahoo! reported Favors was told not to practice. Harris, who the team has determined it needed to trade before Thursday's 3 p.m. deadline, was never at practice.

Williams, who is averaging 21.3 points and 9.7 assists per game, was blamed, to a large extent, for the sudden resignation of longtime Jazz coach Jerry Sloan. Reportedly, Sloan became incensed during a game against Chicago that Williams ran a different play than the one Sloan had called, and Sloan wanted to discipline Williams. When that didn't happen, Sloan resigned."