The Boston Celtics have already completed a major trade within the last week, but are reportedly working on another that would purge the roster of the team's two biggest stars.

UPDATE: Thursday, June 27, at 11:05 p.m. ET by Brandon Galvin

According to Yahoo! Sports' Adrian Wojnarowski and ESPN's Chris Broussard, Kevin Garnett has waived his no-trade clause, meaning the C's now have the authority to send Garnett, Paul Pierce and Jason Terry to the Brooklyn Nets for a package that includes Kris Humphries, Gerald Wallace and future first-round draft picks.

SNYNets states that the blockbuster trade won't be official until July 10.

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UPDATE: Thursday, June 27, at 6:35 p.m. ET by Tom Kinslow

Marc Stein of ESPN has an update on the status of the talks between the Nets and Celtics, as Kevin Garnett ponders waiving his no-trade clause.

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UPDATE: Thursday, June 27, at 6:35 p.m. ET by Tom Kinslow

Stefan Bondy of the New York Daily News has the latest on talks between the Nets and Celtics that would send Kevin Garnett and Paul Pierce to Brooklyn:

Gary Washburn of the Boston Globe also added more details as to how close a deal actually may be:

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UPDATE: Thursday, June 27, at 5:45 p.m. ET by Tom Kinslow

ESPN's Marc Stein has the latest development from the blockbuster talks involving the Celtics and Nets:

A. Sherrod Blakely of CSNNE.com also has an update about Garnett and thought process before possibly waiving his no-trade clause:

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UPDATE: Thursday, June 27, at 5:15 p.m. ET by Sam Westmoreland

Adrian Wojnarowski of Yahoo! Sports reports more details on the potential Celtics-Nets blockbuster:

Ken Berger of CBSSports.com also added more insight on the progression of talks:

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UPDATE: Thursday, June 27, at 5:00 p.m. ET by Tom Kinslow

Adrian Wojnarowki of Yahoo! Sports has more updates about the status of talks between the Celtics and Nets:

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UPDATE: Thursday, June 27, at 2:58 p.m. ET by Ethan Grant

According to Wojnarowski, the deal is really just in its infancy. This series of tweets confirm that Boston and Brooklyn are in somewhat serious negotiations and are venturing down all avenues to meet each other's demands:

---End of update---

Here are Wojnarowski's tweets on the potential trade:

Boston already dealt former head coach Doc Rivers to the Los Angeles Clippers, a move that was finalized this week and noted in a Los Angeles Times piece from Broderick Turner.

Pierce ($15.3 million owed in 2013-14) and Garnett ($24.4 million owed over next two seasons) helped the Celtics win their 17th NBA championship in 2008, but now represent huge salary cap figures for a team looking to rebuild.

Both have been involved in trade rumors since the C's were bounced from the first round of the 2013 NBA playoffs by the New York Knicks. Garnett was mentioned throughout the process that shipped Rivers to Los Angeles, as noted by ESPN's Ramona Shelburne and Marc Stein.

Pierce was mentioned as a target of the Cleveland Cavaliers in a report from Boston Globe columnist Baxter Holmes, and the duo was originally mentioned by Shelburne and Stein in conjunction with a Rivers move when the Celtics-Clippers saga began in mid-June.

Brooklyn already has plenty of talent in Deron Williams, Joe Johnson and Brook Lopez, but is clearly looking to contend for a title by adding more pieces to new head coach Jason Kidd's roster.

RealGM posted a question on Twitter that many will likely ask now that this trade rumor is running rampant in the hours leading up to the 2013 NBA draft on Thursday night:

The Nets own the No. 22 pick in the 2013 NBA draft and have been no stranger to trading away draft picks for impact players in the past. When they acquired Williams from the Utah Jazz in 2011, the Nets parted with two future first-round picks, point guard Devin Harris and the No. 3 pick from that year's draft, Derrick Favors.

It's all about the now for the Nets, and it's just the opposite for the Celtics. As noted by Wojnarowski in his corresponding piece on the rumor, Garnett would have to waive his no-trade clause to complete the deal, but a chance to play for a contender and avoid a rebuild in the final two years of his contract — and possibly his career — would have to be more appealing than the alternative.

Wojnarowski also reported that a deal would likely not be completed until later this summer:

If a deal was to come to fruition, it would likely include the Nets' No. 22 pick so Boston could maximize this year's draft while giving up two future Hall of Famers.

Pierce (18.6) and Garnett (14.8) were Boston's two leading scorers in the 2012-13 regular season. Garnett also led the team in rebounding (7.8).

Humphries is entering the final year of a two-year contract he signed with the Nets last summer. He will make $12 million during the 2013-14 season. Wallace, on the other hand, is signed through 2016 and is owed over $30 million over the final three years of his deal.

Tornike Shengelia was a second-round pick for the Philadelphia 76ers in 2012 before being traded to Brooklyn. He appeared in 19 games for the Nets during his rookie season.