The news was first reported by Adrian Wojnarowski of Yahoo! Sports.
The source confirmed that Bogdanovic will come over on a 3-year contract starting at $2.5 million per season, which means the Nets did not give him their full mini mid-level exception of $3.2 million. The third year is a player option
Bogdanovic, a 24-year old Croation, had one year left on a three-year deal with Turkish League power and Euroleague contender Fenerbahçe. There was also a buyout clause that one source called 'manageable' at between $1 million and $1.5 million back in late May. The final buyout figure remains unclear at this time.
Bogdanovic is expected to step right into the rotation as a backup to newly-acquired small forward Paul Pierce, who will be a Net once their blockbuster draft night trade with the Celtics becomes official on July 12.
The 31st pick in the 2011 NBA Draft by the Miami Heat, Bogdanovic was traded to the Minnesota Timberwolves, who then sent him to the Nets in exchange for a 2013 second-round pick and cash.
An outside shooter with good size and court vision, Bogdanovic averaged 15.5 points per game while shooting 40.5 percent from 3-point range in 21 Euroleague contests last season. Many scouting reports have indicated Bogdanovic is NBA-ready now, but that his defense can still use some fine-tuning.
Bringing Bogdanovic over was something that both sides wanted and for a while, it seemed like a certainty.
In early May, a source told SNY.tv that there was a '90-95 percent chance' he would be over next season with the expectation that he would slide right into the rotation behind Gerald Wallace.
Things changed once the season ended as P.J. Carlesimo was not retained as head coach, Jason Kidd came aboard as head coach and General Manager Billy King pulled off the eight-player trade that will bring in Pierce, Kevin Garnett and Jason Terry.
Looking for more of a proven commodity to come off the bench, the Nets first looked to bring in Kyle Korver via free agency earlier this week, but the mini mid-level was not enough. He agreed to re-sign with the Atlanta Hawks on Wednesday for $24 million over four years.
The Bogdanovic situation escalated quickly during the day on Friday after no talks had taken place as of 2 p.m. on Thursday afternoon.
Bogdanovic will not play with the Nets at the Orlando Summer League, which begins on Sunday. As of now, he is still expected to represent Croatia at FIBA EuroBasket, which runs from Sept. 4-22 in Slovenia. Nets training camp opens Oct. 1 at PNY Center.
Aside from Bogdanovic, Tornike Shengelia (Georgia) and Mirza Teletovic (Bosnia) are also slated to participate at FIBA EuroBasket.
Once the NBA's moratorium on player transactions is lifted on Wednesday, the Nets are expected to have 13 players under contract. Player No. 14 is expected to be a third point guard to push Tyshawn Taylor for the right to back up Deron Williams. Of the names being tossed around as for that third point guard spot, eight-year veteran Shaun Livingston, most recently of the Cleveland Cavaliers, is popping up the most.
Because of severe luxury tax penalties the Nets are set to face next season, it is unclear if they plan to go ahead and sign a 15th player right now.
Josh Newman is SNYNets.com’s Field Reporter. Follow him on Twitter for up to the minute news and banter on all things related to the Brooklyn Nets and the NBA