The Denver Nuggets are trading point guard Reggie Jackson and three unprotected second-round picks to the Charlotte Hornets in a move that will open up salary cap space for the Nuggets, sources told ESPN's Adrian Wojnarowski.

Jackson, 34, will be entering his 14th season after spending the past two with the Nuggets, which included the team's 2022-23 NBA championship season. He played in all 82 games last season and averaged 10.2 points and 3.8 assists per game while shooting 36% from 3-point range.

Denver, which is bumping up against the second apron and still has Kentavious Caldwell-Pope as a pending free agent, gets some significant savings moving off of Jackson's $5.25 million salary for next season.

Jackson could provide a young Hornets team with a veteran presence and a steady backup to point guard LaMelo Ball.

Information from The Associated Press was used in this report.