UPDATE via Woj:

The New Orleans Hornets agreement with Ryan Anderson is four years, approximately $36 million, league sources tell Y! Sports.

— Adrian Wojnarowski (@WojYahooNBA) July 8, 2012

So $9M per. I still ain't complaining.

UPDATE via ESPN:

[T]he Hornets and Orlando Magic are closing in on agreement on a sign-and-trade deal that will send Magic forward Ryan Anderson to New Orleans to play alongside prized rookie Anthony Davis.

The Hornets were in talks to sign the restricted free agent to an offer sheet... in the $8 million range.

The Times-Picayune reported that the Magic will receive young Hornets center Gustavo Ayon in the deal.

If the reported $8M/year range is accurate, this is an absolute monster of a deal.

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Yahoo!'s A-Woj reported an hour ago that Ryan Anderson is likely to be moved in a sign-and-trade deal from the Orlando Magic:

Orlando RFA Ryan Anderson likely won't re-sign with Magic and will be moved in a sign-and-trade, league sources tell Y! Sports.

— Adrian Wojnarowski (@WojYahooNBA) July 8, 2012

and the Orlando Sentinel's Joshua Robbins corroborates that thusly:

#Magic are in talks w/the New Orleans #Hornets on a sign-and-trade involving Ryan Anderson, @orlandosentinel has learned.

— Josh Robbins (@JoshuaBRobbins) July 8, 2012

The #Magic feel like they couldn't match an offer sheet Anderson was about to sign. Magic hope to get cap flexibility in a deal.

— Josh Robbins (@JoshuaBRobbins) July 8, 2012

Anderson was going to sign an offer sheet w/the #Hornets. Magic decided it wasn't prudent to match. A S-and-T gives them some asset(s)

— Josh Robbins (@JoshuaBRobbins) July 8, 2012

The quality of asset(s) #Magic will receive from #Hornets won't be as good as Anderson. But Magic decided something was better than nothing.

— Josh Robbins (@JoshuaBRobbins) July 8, 2012

More as it breaks.