Update: The Pacers officially acquired Cory Joseph today, but the deal was not a sign-and-trade for CJ Miles. The Raptors got Joseph off their books to remain under the luxury tax to sign Miles under the mid-level exception next week. Toronto would have been hard capped if they did this as a sign-and-trade.

The Indiana Pacers and Toronto Raptors are finalizing a sign-and-trade deal that would send CJ Miles to the Raptors and Cory Joseph to the Pacers.

Adrian Wojnarowski of ESPN and Shams Charania continues their offseason battle to break the news first as they both posted details of the deal within a minute of each other.

The details of the trade are still being finalized. More information will be included as it becomes available.

The Pacers were open to the return of Miles, but the sign-and-trade will give him a contract of at least three guaranteed seasons, which the Pacers were unlikely to give.

Joseph will likely backup Darren Collison for the Pacers while Lance Stephenson keeps the ball-handling duties for the second unit.

Miles shot a career-high 41% from 3-point range last season and will provide spacing and versatility for the Raptors. 

Joseph, 25, only has two years remaining on his current contract, but the second year is a player option. Joseph, who averaged 9.2 points per game last season, may opt out and look for a greater payday than his final season of $7.9 million.

This continues the trend for the Pacers of keeping as much cap space open and available for next season and beyond as Collison and Bogdanovic both signed 2-year deals with partial guarantees on the final season.