The Utah Jazz have agreed to deal All-Star point guard Deron Williams(notes) to the New Jersey Nets in a trade that will send Derrick Favors(notes), Devin Harris(notes) and two first-round draft picks to Utah, sources tell Y! Sports.

The two picks the Jazz receive are the Nets’ 2011 first-round selection and a 2012 first-rounder the Nets had acquired from the Warriors, which is protected through the first seven picks.

A two-time All-Star point guard, Williams had been unhappy with the Jazz’s lack of progress this season and the organization believed that he would leave as a free agent in 2012. His deteriorating relationship with Jerry Sloan played a part in the Hall of Fame coach’s decision to retire earlier in the month.

Williams, 26, had seen several of his teammates leave the Jazz through free agency or trades in recent seasons. Carlos Boozer, Kyle Korver and Wesley Matthews all signed with other teams last summer.

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