Aaron Doster-USA TODAY Sports

1:04pm: The Kings plan to release Caboclo once the trade is complete, tweets Jason Jones of The Sacramento Bee. Sacramento will still owe him the rest of his $2.45MM salary for this season, but the Kings need to open a roster spot to complete a deal with Cleveland and Utah that brings in Iman Shumpert and Joe Johnson while sending out George Hill. Sacramento also gets rid of the nearly $1.6MM Richardson is owed next season, along with future options on his rookie contract.

12:32pm: The Raptors and Kings are finalizing a deal to swap Bruno Caboclo for Malachi Richardson, tweets Shams Charania of Yahoo Sports.

A first-round pick in 2016, Richardson has been somewhat of a disappointment in Sacramento after being acquired in a draft-night trade. He has played just 47 games in a season and a half and is averaging 3.5 points while shooting .365 from the field and .299 from 3-point range.

Toronto also had high hopes for Caboclo when it made him the 20th pick in the 2014 draft, but he has spent almost his entire career in the G League. He has played just 25 games at the NBA level, including two this season.

The Raptors save close $1MM in the deal, which was made to provide more flexibility in the buyout market, tweets Josh Lewenberg of TSN.

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This article first appeared on Hoops Rumors and was syndicated with permission.

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