CNN-SI is reporting that the Bucks and Nets have agreed in principle to a trade that would send Richard Jefferson to Milwaukee for Yi Jianlian and Bobby Simmons.

This appears to be a good trade for both parties. The Nets get out from under Jefferson’s considerable contract (three years, $42 M), freeing up cap space to make a run at LeBron James if he chooses to opt out of the final year of his contract in the summer of 2010. They also get a nice, young prospect in Yi, who played pretty well (9.6 points, 5.7 rebounds before the All-Star break) prior to a few nagging injuries late in the season.

The Bucks fill a huge hole at small forward and get out from under Bobby Simmons’ big contract (two years, $21 M). Yi might still turn into a player, but had the Bucks kept him, there would have been a good chance that he would have bolted when he was a free agent, since he and his camp want him to play in a big market. In acquiring Jefferson, Milwaukee gets an experienced, athletic small forward, who averaged 22.6 points, 4.2 rebounds and 3.1 assists last season.

As regular readers know, I’m a Bucks fan, and I’m thrilled with this trade. I don’t think Yi would have re-signed anyway, and getting a proven player like Jefferson adds a lot to the Bucks lineup. Moving Simmons’ contract is the icing on the cake. (And helping the Nets increase their chances to get LeBron out of the Central Division doesn’t hurt either.)

Looking ahead to the draft, Joe Alexander no longer seems like a no-brainer at #8. He could play some power forward, but I’d like to see the Bucks come out of the draft with Kevin Love, even if that requires the team to move Charlie Villanueva to move up. I think this trade makes it less likely that the Bucks will draft Anthony Randolph. Both Jefferson and Michael Redd are 28, so there’s not a lot of time to mess around with upside guys that have a 10% chance of turning into a player.

This seems like one of those trades that really worked out for both teams. The Nets get a prospect and a shot at LeBron, and the Bucks get an All-Star caliber player that has a skill set that complements Redd and Andrew Bogut.

John Hammond gets a thumbs up so far… but it’s early.

AP Photo by Morry Gash.