The 2014 NBA MVP and TJ Warren will be part of a trade to the Suns that involves Mikal Bridges, Cameron Johnson and Jae Crowder, four unprotected first-round picks and a 2028 pick swap going the other way.
The 34-year-old Durant had been trying to push for a move in the offseason but a move away from the Nets never materialised.
Durrant and Warren will join an all-Star backcourt of Chris Paul and Devin Booker, along with center Deandre Ayton, as the Suns look to push their way into back up the Western Conference.
Brooklyn had recently sent Kyrie Irving to the Dallas Mavericks after failing to nail down a contract extension, and now with their championship race starting to slip away they have reconsidered a trade for Durant.
Over in Los Angeles, the Lakers are looking to send Russell Westbrook to the Utah Jazz, in a deal that involves three teams and eight players.
The Lakers will also collect guard D'Angelo Russell from Minnesota, and Utah's Malik Beasley and Jarred Vanderbilt.
The Timberwolves would land Mike Conley, Nickeil Alexander-Walker and second-round draft picks, while the Jazz would not only add Westbrook, but Juan Toscano-Anderson, Damian Jones and a 2027 first-round draft pick 1st-round pick.
Meanwhile, San Antonio Spurs Jakob Poeltl is heading back to the Toronto Raptors. The Spurs will receive Khem Birch, a protected 2024 first-round draft pick and two future second-round picks in return.
The New York Knicks will pick up Josh Hart from the Portland Trail Blazers, for Cam Reddish and a protected future first-round pick in return.