Warriors trade David Lee to Celtics for Gerald Wallace, Chris Babb

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The Boston Celtics announced Monday they've traded Gerald Wallace and Chris Babb to the Golden State Warriors in exchange for two-time NBA All-Star David Lee.

The deal was agreed to in principle earlier in the month.

“We are excited to welcome David as a member of the Celtics family,” President of Basketball Operations Danny Ainge said in the official release.

“His proven skill set and experience on a championship team will add valuable depth to our frontcourt and a veteran presence to our locker room."

Lee fell out of favor in the Warriors' rotation following the emergence of Draymond Green, with head coach Steve Kerr putting more of an emphasis on defense - an area in which Lee is considered a liability in the frontcourt.

The 32-year-old power forward was, surprisingly enough, the Warriors highest-paid player during their championship campaign, earning a smidge over $15 million. Boston won't have the luxury of using the stretch provision on the final year of his contract, although Golden State can stretch the $10.1 million Wallace is set to make.

The Warriors have until Aug. 31 to stretch Wallace if that's the route they decide to take, though indications are Golden State will keep him.

Lee will likely compete with newly signed Amir Johnson for the starting-four spot in Beantown, which may be Lee's to lose as he's a more viable offensive option, with Johnson excelling as more of a hustle big.

In 49 appearances last season, the 6-foot-9 Lee averaged 7.9 points and 5.2 rebounds in 18.4 minutes, the worst numbers he's put up since his rookie year.

Wallace, 33, is entering his 15th NBA season, having barely suited up last year on a roster which ran with a heavy dose of youth. He averaged a measly 1.1 points and 1.8 boards in just 32 games.

Babb went undrafted in 2013, signing a multi-year deal with Boston in March 2014 before being waived just a few months later. After a successful run in the D-League, the Celtics gave Babb a second chance, agreeing to another contract with the 6-foot-5 combo wing, though he didn't play a single game for the team during his second stint.