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Breaking: Golden State sends David Lee to Boston for Gerald Wallace

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The Warriors will acquire Gerald Wallace in exchange for David Lee.

Cary Edmondson-USA TODAY Sports

The suspense is finally over as the Golden State Warriors have cut ties with two-time All-Star David Lee in an effort to reduce the punitive luxury tax bill. According to Marc Stein of ESPN, the Warriors will acquire Gerald Wallace from the Boston Celtics for Lee.

Shortly after the Warriors won the NBA championship, reports suggested that Lee and Golden State would work together to find a suitable trade partner. By going to Boston, Lee will get the opportunity to rework his value before he enters free agency and play a more prominent for a young Celtics team, which finished 7th in the Eastern Conference.

Marc J. Spears of Yahoo! Sports reports that Golden State will keep Wallace instead of stretching or waiving his contract.

Wallace is scheduled to make $10.1 million next year while Lee was on the books at $15.5 million. The Warriors will save a ton of money in this deal and drop to a lower tier of luxury taxNBA.com's John Schuhmann has the Warriors projected to save approximately $18 million on luxury taxes alone.

More updates to follow as story develops.

Follow along with the Warriors' offseason moves by checking out our Free Agency section.