UPDATE: Gordon Hayward signing with Charlotte for 4-years/$120 million

UPDATE: Rick Bonnell of the Charlotte Observer reports that the Hornets will waive and stretch Nicolas Batum to create the cap space necessary to sign Gordon Hayward. This removes the option of a sign and trade for the Boston Celtics. To put it in simpler terms: Boston loses Hayward for nothing in return.

Per a report from ESPN’s Adrian Wojnarowski, Gordon Hayward has agreed to a 4-year, $120 million dollar deal with the Charlotte Hornets:

Hayward will leave Boston after three mostly injury-plagued seasons, following signing a max contract with the Celtics in 2017.

In 2014, when Hayward was a restricted free agent, the Hornets signed Hayward to an offer sheet that the Utah Jazz eventually matched.

In order for Charlotte to add Hayward for an average annual value of $30 million, they’ll have to make additional roster moves. As it stands right now, Charlotte has max cap space of just over $20 million.

The Hornets can create the space for Hayward by waiving and stretching Nicolas Batum’s contract, or by trading away approximately $7.5 million in another deal.

The opportunity exists for this to become a sign and trade transaction between Boston and Charlotte as well. Last offseason, the teams came together on a creative sign and trade the saw Kemba Walker and Terry Rozier change teams.

Stay tuned for CelticsBlog for more as this situation develops.