This Just In!! Magic acquire 3-time All-Star G Gilbert Arenas from Wizards for 2-time All-Star F Rashard Lewis!!!

The Orlando Magic has had quite a day by trading one franchise cornerstone for another, sending Rashard Lewis to the Washington Wizards for Gilbert Arenas! That trade followed news of a deal that sent Vince Carter to the Phoenix Suns in a multiplayer deal that returns Hedo Turkoglu to the Magic.

The Magic, who lost of five of their last six games, also get Jason Richardson and Earl Clark from the Suns in exchange for Carter, Marcin Gortat, Mickael Pietrus, a 2011 first-round pick and cash considerations, sources said.

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(ESPN)–The Arenas-Lewis deal doesn’t include other pieces, the sources told Broussard.

The Magic and Wizards had been discussing a deal involving Arenas off and on since last summer.

Arenas and the Wizards have been open to parting ways since Washington landed point guard John Wall with the No. 1 pick and thereby providing a new face for the franchise.

Arenas was suspended last season for the final 50 games by commissioner David Stern after a locker room incident involving gun play with former teammate Javaris Crittenton came to light last Dec. 23.

The Magic used lucrative pieces to close both deals, including Carter’s expiring contract and Lewis’ deal, which has 2½ years remaining on the original $118 million, six-year deal. It lines up with Arenas’ backloaded contract — which still has about $60 million left.

Arenas was at Washington’s morning shootaround but did not speak to reporters.

Magic president Otis Smith has been a close friend and mentor to the Arenas going back to their days together at Golden State, when Smith was in the front-office and Arenas was a young player. Smith has said in the past that Arenas’ troubles, which, in addition to last year’s 50-game suspension, included faking an injury to sit out a preseason game this year, are not a concern.

“The length of his contract and health probably have been more of my concerns,” Smith told The Associated Press early Saturday. “With the length of his contract, you’re always concerned about taking on more, of course. That’s always been one of my concerns. I know a little bit more detail about Gilbert off the court and who he is as a person.

“He’s probably similar to the guys we have in the locker room right now. I would say that sometimes good people make dumb decisions, and he’s one of those guys.”

Arenas, a three-time All Star, has had several knee problems that limited him to 47 games over the previous three seasons. But while playing alongside — and often behind — Wall this season, Arenas has showed flashes of his old self.

He has averaged 17.3 points and 5.6 assists per game this season, including a season-high 31 points in a loss against the Magic on Nov. 27. The Magic have made strong pushes to acquire Denver’s Carmelo Anthony and New Orleans’ Chris Paul, but with those talks showing little progress, they might be forced to make another move.

Orlando has lost five of its last six games, including a frustrating 1-3 West Coast trip, falling from first to fourth in the Eastern Conference. The Magic were set to host Philadelphia on Saturday night, and Washington was hosting Miami.

“I circled the West Coast trip on our schedule a long time ago,” Smith said. “The West Coast trip, to me, was going to decide whether or not we’re going to either fix our woes or continue down the same path. I don’t think we’ve played particularly well leading up to the West Coast trip. So, we were on the West Coast trip and some of our woes continued, so you start to explore opportunities that are out there.”