Adrian Wojnarowski is reporting that the Nets have agreed to the trade in principle.
The terms of the deal have Carter and Ryan Anderson heading to the Magic in exchange for Rafer Alston, Tony Battie and Courtney Lee.
Wojnarowski also says the Nets will draft Louisville's shooting guard Terrence Williams with their 11th pick if he is still available.
The trade would mark another big name switching teams in the last three days. Carter would join Richard Jefferson, Shaquille O'Neal, Mike Miller and Jamal Crawford as players who have found new homes this week.