From the Twitter account of Yahoo! Sports’ Adrian Wojnarowski:

The Hornets have agreed to trade Hilton Armstrong to the Kings, an Eastern Conference exec with knowledge of deal says.

More details will be posted here as we hear them.

12:10 p.m. UPDATE:

More from Wojnarowski on Twitter:

The Hornets have traded forward Hilton Armstrong and cash to Sacramento for a future conditional second rounder, sources tell Y! Sports…

Obviously, the move is a salary dump on Armstrong’s $2.8 million salary. This gets Hornets within $500K of luxury tax threshold.