Shortly after, Yahoo Sports' Shams Charania confirmed the deal and the pieces being flipped.
Howard averaged 16.6 points and 12.8 rebounds per game in his lone season with the Hornets, but his defensive rating tied a career low and he posted the second-least valuable campaign of his career.
The Nets will be Howard's sixth National Basketball Association team in the past eight seasons and his fourth different franchise in four years. Next season is the final year of the three-year, $70.5 million contract he signed with the Atlanta Hawks in the Summer of Exploding Cash before being dealt to Charlotte two days before the 2017 NBA Draft.
Mozgov, 31, now has a four-year, $64 million contract, which he signed with the Lakers in 2016.
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Mozgov, 31, averaged 4.2 points per game and 3.2 rebounds in 31 games for the Nets last season. From 2004-2014, Howard was named to the All-NBA Team eight consecutive times. There would be no need to stretch the buyout (nor would that be wise with Deron Williams still showing up on the cap list for the next two years at nearly $5.5 million per annum).
One of those Nets picks is the 45th overall selection in Thursday's NBA Draft, while the other is said to be in 2021.
According to ESPN's Adrian Wojnarowski, the deal can't be completed until the moratorium ends on July 6.
Howard struggled to mesh with guard Nicolas Batum, and the Hornets failed to make the playoffs despite what former coach Steve Clifford considered the team's most talented roster in half a decade.