The trade could be interpreted as a way for the Nets to clear salary space for a possible run at LeBron James, Dwyane Wade or Chris Bosh, who become free agents after the 2009-10 season.

Though the NBA Draft is tonight, this deal did not include the Bucks' No. 8 pick or the Nets' choices at No. 10 and 21.

Yi, the sixth pick in last year's draft, fills a hole in the middle for the Nets while making a rookie-scale $2.98 million and $3.19 million the next two seasons.

The 20-year-old from China averaged 8.6 poins and 5.2 rebounds in 66 games in his rookie season.

Simmons, 28, is due to make $9.92 million and $10.56 million, with his contract also expiring after the '09-'10 season. The six-season veteran averaged 7.6 points and 3.2 rebounds last season.

Jefferson, 28, who has three years remaining on his contract at $13.2 million, $14.2 million, and $15 million, was a key player on the Nets teams that reached the NBA Finals in 2002 and 2003.

He was acquired by the Nets in a 2001 draft-day deal with Houston, who selected him out of Arizona with the 14th pick.

Plagued by injuries in two of the past four seasons, he averaged 17.4 points and 5.4 rebounds in seven Nets seasons.

Last season, he played all 82 games, averaging a career-high 22.6 points.

With Jefferson's $15 million off the books for 2011, and Simmons' contract expiring, the Nets could be flush with funds to pursue James, Wade and Bosh if they so choose.

News » Nets ship Jefferson to Bucks for Yi, Simmons 2008-06-27
Nets ship Jefferson to Bucks for Yi, Simmons 2008-06-27
The New Jersey Nets have traded forward Richard Jefferson to the Milwaukee Bucks for center Yi Jianlian and forward Bobby Simmons. More from the New York Post --> Vecsey: Take it easy on Gallinari Vaccaro: The disappointing Mets Did Johan blame mates for loss? Complete Euro 2008 coverage More from The New York Post