updated 2:19 p.m. ET July 20, 2008

The Nets and Magic have an agreement in principle for a sign-and-trade deal that would send guard Keyon Dooling from Orlando to New Jersey, according to the Newark Star-Ledger.

Dooling would be sent to the Nets thanks to a $3.3 million trade exception that New Jersey acquired in last season's Jason Kidd trade.

"I'm hopeful ... that we can make a trade," Nets GM Rod Thorn told the paper.

The Star-Ledger also reports a deal for Dooling could expedite a possible deal for point guard Marcus Williams, who could be the odd-man out for the Nets in this scenario.

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