The Raptors, in a very roundabout way, are going to turn James Johnson into John Lucas III.

According to league sources, Toronto will sign Lucas as the Raptors third point guard as soon as the trade of Johnson to the Sacramento Kings for a second-round draft pick finalized.

Johnson still has to report to the Kings and pass his physical — considered a mere formality now — but until he does and his salary comes off the books to clear cap room the Lucas deal can’t happen.

The same sources that confirmed the deal are also adamant it has no impact on the short-term future of current Raptors guard Jose Calderon.

The Raptors would be happy to have Lucas — a 5-11 30-year-old who averaged 7.5 points and 2.2 assists per game in 49 games with the Chicago Bulls last season — as a third point guard, able to move up the pecking order in an emergency.

Ben Uzoh, who finished the 2011-12 season on a series of 10-day contracts with the Raptors, filled the third guard role late last season.

Much attention has been focused on Calderon’s future since the Raptors acquired Kyle Lowry from the Houston Rockets earlier this month.

However, president and general manager Bryan Colangelo reiterated again Tuesday that he would be fine with having both Lowry and Calderon start the season in Toronto.

“I think whether it’s a starting combination of Jose with Kyle backing him up or vice-versa … we’ve got two very solid starting-calibre point guards and it’s not easy to find that combination,” Colangelo said at a news conference to formally introduce Lowry.

“(It) takes some management, that’s something the coaches are going to ultimately determine.”

The Raptors also announced Wednesday that they have formally signed rookie centre Jonas Valanciunas, whose buyout from his Lithuanian club team cleared the final paperwork process earlier this week.

Valanciunas is about to play for Lithuania at the London Olympics and will join the Raptors are training camp this fall.