The Nets traded Kevin Garnett to the Minnesota Timberwolves for Thaddeus Young.
Garnett's agent, Andy Miller, tweeted the news shortly before Thursday's 3 p.m. ET NBA trade deadline.
Garnett, 38, returns to the team that drafted him out of high school with the No. 5 pick in 1995. He played his first 12 NBA seasons with the Timberwolves.
"Whatever he says, we're going to listen and do it," Wolves guard Ricky Rubio said. "He's going to have the voice in the locker room and we're going to learn a lot from him. I think it's great."
Before the 2007-08 season, he was traded to the Boston Celtics where he, Paul Pierce and Ray Allen formed their "Big Three" and won the NBA title.
Garnett and Pierce were traded to the Nets on NBA Draft Day in 2013. In 96 games played with the Nets, Garnett averaged 6.6 points and 6.7 rebounds in 20.4 minutes per game.
Young was drafted No. 12 overall in 2007 by the Sixers and averaged 13.7 points in seven seasons before going to Minnesota last offseason. Young has averaged 14.3 points for Minnesota this season.
The Nets' Brook Lopez had been the subject of trade discussions with Oklahoma City for point guard Reggie Jackson, but the Thunder dealt Jackson to the Detroit Pistons.
With the Associated Press