The Nets also received a second-round pick in 2020 in the trade announced Friday. They sent guard Isaiah Whitehead to Denver.
Faried averaged 11.4 points and 8.2 rebounds in seven seasons in Denver, though his playing time declined and he appeared in just 32 games last season. Arthur has spent nine seasons in the NBA, first with Memphis and the last five with Denver.
Both players are in the final years of their contracts. Faried is due $13.8 million next season and Arthur $7.5 million.
Whitehead, a second-round pick in 2016, appeared in 89 games over two seasons for Brooklyn.
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