Lebron James

The Cleveland Cavaliers are set to trade guard Jarrett Jack to the Brooklyn Nets on Thursday (July 10), as part of a three-team deal with the Boston Celtics to create salary-cap space in pursuit of LeBron James.

According to ESPN.com, the Nets have agreed to take on the contracts of Jack and youngster Sergey Karasev from the Cavaliers in a swap that will also see the Celtics acquiring Brooklyn’s Marcus Thornton, Cleveland’s Tyler Zeller and a protected 2016 first-round pick from the Cavaliers.

Also, the Cavs will take back the draft rights to Ilkan Karaman and Edin Bavcic from the Nets to complete the transaction.

The move frees up significant financial obligations for the Cavs, who will shed $9.5 million in salary (Jack, $6.3 million; Zeller, $1.7 million; Karasev, $1.5 million), giving them $21.7 million in cap space.

In a separate ESPN report, the Cavs are also slated to make offers to James’ Miami Heat teammates Ray Allen and Mike Miller.

Stay tuned…