A person familiar with the deal says Orlando has agreed to a sign-and-trade sending restricted free agent forward Ryan Anderson to New Orleans in exchange for forward Gustavo Ayon.
The person told The Associated Press of the deal Sunday on condition of anonymity because the NBA's trade moratorium prevents clubs from announcing trades before July 11.
The 6-foot-10 Anderson is entering his fifth NBA season out of California. He started 61 games for Orlando last season, averaging 16.1 points and 7.7 rebounds.
Ayon, a 6-10 Mexico native, spent his rookie NBA campaign in New Orleans last season after playing professionally in Spain's top pro league.
The 27-year-old Ayon started 24 games for the Hornets, averaging 5.9 points and 4.9 rebounds in 20.1 minutes per game.