The Hornets have traded Chris Paul to the Los Angeles Clippers for guard Eric Gordon, forward Al-Farouq Aminu, center Chris Kaman and a first-round draft choice.
The deal required the approval of NBA Commissioner David Stern because the Hornets are owned by the league.
ESPN, first reported the trade, which also involves New Orleans sending two future second-round draft picks to the Clippers.
The 26-year-old Paul is a four-time All-Star who averaged 18.7 points and 9.8 assists last season.
Gordon, who turns 23 on Christmas Day, averaged 22.3 points last season. The 6-foot-9 Aminu is a second-year pro and the 7-foot Kaman is an eight-year veteran.