The Charlotte Hornets have agreed to send Dwight Howard to the Brooklyn Nets for center Timofey Mozgov, two future second-round picks and cash. Though the trade can’t be officially announced until July when the N.B.A.’s next salary cap year starts.

ESPN reported that the Nets would surrender the 45th overall pick in Thursday night’s league draft, as well as a second-round selection in 2021, to complete the trade. Howard’s arrival on a $23.8 million expiring contract will help Brooklyn create significant salary-cap space in the 2019 off-season to try to accelerate its rebuild.

The Nets pursued Howard, 32, aggressively via trade during the 2011-12 season, in the prime of his career, only for Howard to rescind a demand to be traded and to pledge to stay with the Orlando Magic when a deal appeared to be close. Five months later, in August 2012, Howard was dealt to the Lakers, but he lasted only one season in Los Angeles and in each of his last two stops, Atlanta and Charlotte, in a continuing fade from prominence.

The trade is the first major transaction for Charlotte’s new general manager, Mitch Kupchak. Sending out Howard and taking back Mozgov will enable the Hornets to get out of luxury-tax territory for the coming season.