The Orlando Magic have agreed in principle to acquire Chicago Bulls guard Jerian Grant and Charlotte center Timofey Mozgov in a three-team trade, league sources told ESPN's Adrian Wojnarowski.
Orlando sends Bismack Biyombo to Charlotte, and the Hornets send guard Julyan Stone to the Bulls.
The deal comes six days after the Magic agreed to a new four-year deal with restricted free-agent forward Aaron Gordon, and two weeks after acquiring center Mo Bamba with the sixth pick in the NBA draft.
The Magic, who have not had a winning record nor made the playoffs since the lockout-shortened 2011-12 season, get much needed salary-cap help in Grant's $2.69 million expiring contract, while Mozgov's deal has two years left with a cap hits of $16 million and $16.7 million.
For the Bulls, Stone's $1.65 million contract has an Aug. 1 guaranteed date. If Stone is waived, the cap space for Chicago would increase to $16 million in room (if a Noah Vonleh hold is released).
For Charlotte, Biyombo is under contract for the next two years with a cap hit of $17 million per season. The Hornets now have $120.3 million in salary and are $3.4 million under the tax with 14 guaranteed contracts.
Information from ESPN's Bobby Marks was used in this report.