Report: Raptors finalizing deal to send Joseph to Pacers for Miles

The Toronto Raptors have secured another piece for their three-year plan.

The team is finalizing a sign-and-trade to ship guard Cory Joseph to the Indiana Pacers in exchange for veteran swingman C.J. Miles, league sources told ESPN's Adrian Wojnarowski.

Miles, an unrestricted free agent, is expected to ink a reported three-year deal worth about $25 million, with a player option on the final year, before packing his bags and heading north of the border.

Toronto reportedly agreed to a trade earlier Sunday with the Brooklyn Nets that will see the Raps dump DeMarre Carroll's contract, while relinquishing a pair of 2018 draft picks in exchange for Justin Hamilton. That deal must be completed before the Miles trade can become official, and when it is, the club is projected to be $555,000 under the luxury tax with 14 players on the roster, per ESPN's Bobby Marks.

Miles is a versatile wing who can provide shooting and defense for the Raptors who, following free-agent departures and moves, were left with just Norman Powell and inexperienced players at the three.

Meanwhile, Joseph was made dispensable given the rise of Delon Wright, whose role has gradually increased over two seasons in TO. After a summer of working on his game with All-Star teammate DeMar DeRozan, the hope is the 25-year-old will be ready to back up Kyle Lowry.

The Minnesota Timberwolves and Detroit Pistons were rumored to be interested in the services of 12-year vet Miles, who averaged 10.7 points on 43.4 percent shooting from the field and 41.3 percent from long range for Indy in 2016-17.

The Pacers, meanwhile, are rebuilding after trading their best player Paul George to the Oklahoma City Thunder. In the 25-year-old Joseph, they get a young steady ball-handler who fits within their timeline and will share backcourt duties with Victor Oladipo, Darren Collision, Lance Stephenson, and Glenn Robinson III. Joseph averaged 9.3 points, 3.3 assists, and 2.9 rebounds (all career highs) last season for Toronto.