The Brooklyn Nets have agreed in principle to acquire Marquis Teague from the Chicago Bulls for Tornike Shengelia, according to sources.

The Nets also have reached a deal to send Tyshawn Taylor and cash considerations to the New Orleans Pelicans, who will send Brooklyn a conditional second round draft pick.

Teague was the 29th overall pick in the 2012 NBA Draft after one season at Kentucky.

Shengelia and Taylor have spent parts of the last two seasons with the Nets' D-League affiliate.