UPDATE #2 10:56 PM: Kevin Garnett will agree to waive his no-trade clause, clearing a major hurdle for the deal, according to Adrian Wojnarowski of Yahoo Sports.

That makes this deal far more likely. It is not finalized yet, and can’t be officially executed until July 10, but the teams are working to get the deal paramaters set by tomorrow. This looks like it could really happen.

UPDATE 5:50 pm: This trade is moving along and moving along quickly — the deal is in advanced talks and Kevin Garnett has had it presented to him to see if he would waive his no-trade clause, according to multiple reports.

The trade has actually grown to include more players, reports Adrian Wojnarowski of Yahoo Sports:

The talks are centering around a package that would include Gerald Wallace, Tornike Shengelia, the expiring deal of Kris Humphries and three future first-round picks (2014, ’16 and ’18), sources told Y! Sports. Jason Terry also will be in the package going to the Nets, sources said. The Nets would send back Reggie Evans and do a sign-and-trade involving Keith Bogans and one more minimum-level player as part of package, a source said.

Marc Stein at ESPN reports Garnett has been approached about waiving his no trade clause to allow this deal.

The two sides could agree in principle to the trade in the next 24 hours, however it cannot be executed until July 10. That is because it requires Paul Pierce’s larger salary, which kicks in July 1, but there is a moratorium on trades being finalized at the start of the free agent period. That lasts until the 10th.

1:13 pm: If Nets GM Billy King can find a way to get out from under this roster he built, the man deserves a Harry Houdini award.

And he may have found his path — with the Boston Celtics.

The Nets and Celtics are discussing a blockbuster deal that would bring Kevin Garnett and Paul Pierce to Brooklyn, reports Adrian Wojnarowski of Yahoo Sports.

The talks are centering around a package that would include Gerald Wallace, Tomike Shengelia, the expiring deal of Kris Humphries and three future first-round picks, sources told Y! Sports. Garnett has yet to be approached about waiving his no-trade clause, sources said, but there’s a belief that he could be convinced of agreeing to a deal should the Celtics and Nets be able to reach an agreement on terms. No deal is imminent.

First, this is not going to be done fast — it couldn’t be completed until after the moratorium is lifted on July 10 (because of Pierce’s salary).

Boston certainly wants to try and move Pierce and Garnett together — that way KG is more likely to waive his no-trade clause — but that is a lot of salary to move and few teams would be willing to take it on. Brooklyn apparently will consider it.

Those picks are spread out over a few years and there are complications — the Atlanta Hawks have the right to switch first round picks with the Nets in 2014 or 2015. The Nets can’t trade picks in consecutive years so this would space out for a while.

If it came to pass — and that’s still a big “if” — it would give the Nets Deron Williams at the point, Brook Lopez at center, Garnett at the four and Pierce at the five. There would be a lot of tax to be paid but the team would be a bigger threat (if they can stay healthy) to the elite of the East.

The picks would matter to the rebuilding Boston Celtics, but they would then be trying to move Gerald Wallace and the three years, $30 million still on his deal. That contract is an anchor and would be the hard part of the deal for Boston to swallow.

Whenever they do move Pierce and Garnett, other questions come up for Boston: How far down does the rebuilding go? Do you move Rajon Rondo too? Do the Celtics go all in on the “Woeful for Wiggins” train?