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The Oklahoma City Thunder have reached agreement to acquire the draft rights to center Cole Aldrich and take on Morris Peterson's(notes) contract in exchange for the 21st and 26th picks, league sources told Yahoo! Sports.
The Thunder needed a center to strengthen their frontline and had been working to climb into the lottery since acquiring the 18th pick from the Miami Heat on Wednesday.
The trade allows the Hornets to remove Peterson's $6.6 million salary from their payroll and move below the luxury tax while also giving them a couple picks to build around.