Allen Iverson is heading to Detroit. Chauncey Billups is heading home.
The Pistons, in a move that significantly alters the core of a team that had lost in three consecutive Eastern Conference finals, acquired Iverson from the Nuggets in exchange for Billups -- a Denver native -- along with veteran forward Antonio McDyess and center Cheikh Samb.
The deal was finalized this afternoon, and the Pistons will introduce Iverson at a news conference tomorrow in Auburn Hills, Mich., at 3:30 p.m.
The Globe first reported Sunday that the deal was in the works, and reported this morning that Iverson was telling friends he had been traded to Detroit.
"We are pleased to welcome Allen Iverson to the Pistons organization," Dumars said in a press release. "Allen has proven he is one of the elite players in the league and we like what he adds to our roster at the guard position."
Billups, 32, returns to familiar surroundings -- he was born in Denver, played in college at the University of Colorado, and remains a fan favorite there. He has played for the Nuggets previously, appearing in 45 games in 1998-99 and 13 games in 1999-00.
Billups was the MVP of the 2004 NBA Finals as the Pistons defeated the Lakers in five games.
McDyess, 34, also will be enjoying a homecoming of sorts, having been a Nugget from 1995-97 and 1998-02.
Iverson, the NBA's Most Valuable Player in 2000-01, is due $20 million this year, twice what Billups makes, thus requiring McDyess's inclusion in the deal to make the salaries match up.
The 33-year-old Iverson will be a free agent next summer, which would give Detroit significant salary cap space after this season should he not be re-signed. That would allow them to give the starting point guard job to promising Rodney Stuckey next season.
(Chad Finn of the Globe staff contributed to this report. Material from the Associated Press also was used.)