Jarrett Jack
The Cleveland Cavaliers have agreed to a trade that would clear over $20 million in cap space that can be used to pursue LeBron James. Reuters

The Cleveland Cavaliers have reportedly agreed to a three-team trade that will enable them to clear out salary cap space in a bid to sign free agent superstar LeBron James, according to ESPN.

Sources familiar with the situation told ESPN’s Marc Stein that the Cavaliers will send point guard Jarrett Jack and 2013 first-round draft pick Sergey Karasev to the Brooklyn Nets. In addition, Cleveland will reportedly ship a future first-round draft pick and center Tyler Zeller off to the Boston Celtics.

Boston will also acquire Nets guard Marcus Thornton. Cleveland’s compensation has yet to be established, but the team will have to accept at least a second-round draft pick from Brooklyn or Boston to complete the trade, ESPN notes.

The three-team trade won’t become official until Thursday, when the NBA lifts its freeze on transactions. However, by shedding the contracts of Zeller, Karasev and Jack, the Cavaliers would have an additional $21.7 million with which to pursue James and other free agents.

In addition, ESPN’s Chris Broussard reports that the Cavaliers will attempt to sign free agent Ray Allen, James’ teammate in Miami for the past two seasons, likely in a bid to round out a supporting cast for the superstar.