Yahoo!'s Adrian Wojnarowski is reporting that the on-again, off-again deal that would send Jermaine O'Neal to Toronto for T.J. Ford is officially on, and has been agreed to in principle by both clubs. The Raptors will also send Rasho Nesterovic and another player to Indiana to match O'Neal's huge salary that he's owed, about $44 million over the next two seasons.

Both O'Neal and Ford have a history of medical issues, so the obligatory team physicals may yet have something to do with this deal actually being completed. But if all goes well, the Raptors can have Jose Calderon running the team without any drama, and the Pacers can begin rebuilding with a solid point guard in place, along with the 11th and 17th picks in the first round of Thursday night's draft.

Tom Ziller called the T.J. Ford part of this deal back in April, as Toronto GM Bryan Colangelo all but guaranteed that Calderon would be staying in Toronto, and also mentioned that he wasn't sure if the two point guards could happily co-exist. This seems to be a good deal for both sides, and is probably just the first trade of many that we'll see between now and the end of tomorrow evening's Draft festivities.