Oklahoma City and Chicago have swapped guards, with the Thunder acquiring Alex Caruso from the Bulls in exchange for Josh Giddey on Thursday.

ESPN was the first to report the trade, which cannot become official until July 6.

The 30-year-old Caruso is considered one of the NBA's top defenders, having been named to a pair of All-Defensive teams.

He is also viewed as an important role player for a potential championship contender after helping the Los Angeles Lakers win the 2019-20 title.

The Thunder finished with the Western Conference's best record this past season, but were knocked out of the play-offs in the semi-final round by the Dallas Mavericks.

A seven-year NBA veteran, Caruso averaged career highs of 10.1 points and 3.8 rebounds this past season, along with 3.5 assists and 1.69 steals while starting 57 of 71 games.

Giddey, the sixth overall pick of the 2021 draft, started 80 games for the Thunder this past season, but saw his numbers drop from 2022-23.

After averaging 16.6 points, 7.9 rebounds and 6.2 assists in his second season, the 21-year-old Giddey averaged 12.3 points, 6.4 boards and 4.8 assists in 2023-24. He is a career 46.4 per cent shooter from 3-point range.

He was investigated for having an improper relationship with an underage girl, but the NBA and police were "unable to corroborate any criminal activity."

The NBA dropped its investigation.