This news broke today!
From Woj's article:
Along with Steve Novak and the two years and $7.2 million left on his contract, the Raptors will send a future second-round draft pick to Utah, sources said. The deal can't be completed until the league's moratorium ends on Thursday.
The Jazz will send the Raptors guard Diante Garrett , who, with a $915,000 non-guaranteed deal for this season, will be waived, sources said.
Garrett seemed to be a fan favorite, but really who wouldn't be if they are replacing John Lucas III in the lineup. I like that the Jazz got a three- point specialist. I don't think we lose that much in trading Diante Garrett. Plus you can never have too many 2nd round picks.