THURSDAY BUZZ UPDATES CONTINUE BELOW -- OR CLICK HERE

--------------------------------------

Multiple reports on Thursday indicate that the Portland Trail Blazers and New Jersey Nets will execute a trade that sends Blazers forward Gerald Wallace to the Nets for center Mehmet Okur, forward Shawne Williams and a 2012 first round draft pick.

Adrian Wojnarowski of Yahoo Sports reports...

Nets are close to sending Mehmet Okur, Shawne Williams and a protected 1st round pick to Portland for Gerald Wallace, league sources tell Y! Blazers have reached agreement in principle to send Gerald Wallace to Nets for 2 players and protected 2012 1st-round pick, source tells Y! The proposed 2012 draft pick the Nets would send to Blazers in Wallace deal would be protected only through the top 3 spots, sources tell Y!

David Aldridge of NBA.com reports...

Nets acquiring Gerald Wallace from Portland for Mehmet Okur, Shawne Williams and protected first. Yahoo first reported.

Alex Kennedy of HoopsWorld.com confirms...

Done deal. Portland trades Gerald Wallace to New Jersey in exchange for Mehmet Okur, Shawne Williams and a first-round pick.

Sam Amick of SI.com reports...

Source confirms that Portland will send Gerald Wallace to the Nets for Mehmet Okur, Shawne Williams & 2012 first-rounder (top 3 protected) Source says Portland's pick from New Jersey is the one from the Nets, not the Houston pick. Great pick, but - again - top 3 protected.

Okur is on a $10.9 million expiring contract. Shawne Williams makes $3 million this season and has a player option for $3.14 million for 2012-2013. The Blazers would take on more than $4 million in salary for this year in this proposal. If this trade goes through as proposed I would expect a second deal that trims salary.

The Nets are currently in line for the No. 6 pick in the 2012 NBA Draft. New Jersey also holds a first round picka via the Houston Rockets.

The NBA's official trade deadline is at noon Pacific.

-- Ben Golliver | benjamin.golliver@gmail.com | Twitter