The trade has been submitted for league approval, sources told ESPN The Magazine's Chris Broussard.
Sources told ESPN.com that the Nets' first choice was to trade for Cleveland's Jarrett Jack, as ESPN.com reported on Monday. But Cleveland's reluctance to take back Terry in a Jack deal scuttled those talks. The Nets then turned their attention to Thornton, who is having a down season in Sacramento. The Nets are hoping that Thornton can provide them with some added offensive punch off the bench.
The Akron Beacon Journal had reported earlier Wednesday that the Thornton trade was nearing completion.
Thornton averages 8.3 points and 38.1 percent shooting this season. In 2010-11, Thornton averaged 21.3 points and followed that up by averaging 18.7 points in 2011-12.
In his first season with the Nets since coming over in the Paul Pierce and Kevin Garnett trade last summer, Terry has averaged 4.5 points in 35 games. The 6-foot-8 Evans, known for his rebounding, has appeared in just 30 games this season and is averaging 2.7 points and 5.0 rebounds. He averaged 11.1 rebounds last season in 80 games.
Sources told ESPN.com that the Nets are now trying to complete a proposed trade with the Los Angeles Lakers in which they would take Jordan Hill into their $5.25 million Disable Player Exception for Brook Lopez.
The Nets, sources said, are prepared to complete the deal, despite the fact that adding Hill in this manner will add more than $15 million to this season's payroll and take it beyond the $200 million mark in an NBA first. But sources say that the Lakers are talking to other teams about Hill and haven't yet committed to deal him to Brooklyn.