The Kings agreed Thursday to trade guard Tyreke Evans to the New Orleans Pelicans in a sign-and-trade deal that also involves the Portland Trail Blazers, league sources confirmed.
Evans, a restricted free agent, will go to the Pelicans with a four-year, $44 million deal. The Kings will receive point guard Greivis Vasquez and two second-round picks from Portland, according to ESPN.
Portland will receive center Robin Lopez and guard Terell Harris from the Pelicans.
Evans was a restricted free agent and agreed to sign an offer sheet with New Orleans. Without the deal, the Kings would have had three days to match the offer when Evans signed it on July 10, the date the league moratorium on deals is lifted.
The trade becomes official once Evans signs his deal July 10.
The Kings were unwilling to pay Evans that salary, but by agreeing to the sign-and-trade they will receive Vasquez, who was second in Most Improved Player voting last season.
Vasquez averaged career highs of 13.9 points and nine assists in 78 games last season, his first season as a full-time starter.
Vasquez (6-foo-6, 211 pounds) was drafted by the Memphis Grizzlies in the first round, 28th overall, in the 2010 NBA Draft out of Maryland.
Evans was the 2009-10 Rookie of the Year.
The Kings were waiting for guard Jose Calderon to decide if he would sign with them before deciding to make the deal with New Orleans.
The Kings told Evans' representatives Wednesday they would not match the offer.