Brooklyn will receive a 2017 first-round draft pick, forward Andrew Nicholson and guard Marcus Thornton, according to multiple reports Wednesday.
The trade now gives the rebuilding Nets two picks in the first round, although an earlier swap with the Celtics means that despite owning the NBA's worst recoed (9-47) both of those selections will likely be in the 20s.
Bogdanovic joined the Nets as a rookie in 2014-15. This season, the 27-year-old Croatian is averaging 14.2 points and 3.6 rebounds. He has started 54 games.
The Nets drafted McCullough in the first round in 2015 out of Syracuse. He has played in 14 games this season, averaging 2.5 points and 1.2 rebounds. The Nets announced earlier Wednesday that McCullough had been assigned to their D-League affiliate.
Nicholson was a first-round pick by the Magic in 2012 who signed a four-year, $26 million contract with Washington last summer. The 6-foot-9 reserve power forward has played in 27 games, averaging 2.5 points and 1.2 rebounds.
This is the second time in three years that Brooklyn has traded for Thornton. He was acquired in a February 2014 deal with the Kings. The 29-year-old journeyman shooting guard has played in 33 games this season, starting one. He is averaging 6.6 points and 2.3 rebounds per game.
The NBA trade deadline is 3 p.m. Thursday.
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