10:45am: The Raptors say (on Twitter) they’ve also acquired cash in the transaction.

10:15am: The deal is official, the Thunder announced via press release.

9:47am: The Raptors and Thunder have agreed to a trade that sends Luke Ridnour to Toronto, reports Darnell Mayberry of The Oklahoman (Twitter links). The rights to draft-and-stash prospect Tomislav Zubcic go to Oklahoma City, Mayberry adds. The Thunder will also get to create a trade exception worth $2.75MM that they can use to acquire a player who makes up to $100K more than that amount, as Mayberry notes. Ridnour’s salary is non-guaranteed if he’s waived before the end of July 10th, and it appears as though the Raptors intend to release him unless they, too, can find a taker for him, according to Doug Smith of the Toronto Star (on Twitter).

It’ll be the fourth time in a week that Ridnour will be involved in a trade, once the deal becomes official. The Magic sent him to the Grizzlies, who shipped him to the Hornets, who conveyed him to the Thunder.

Zubic, whom the Raptors drafted 56th overall in 2012, is a 6’10” center who averaged 7.6 points and 3.9 rebounds in 18.4 minutes per game for Croatia’s KK Cedevita.