The Brooklyn Nets have agreed in principle on a pair of minor trades, a league source confirmed.
A league source said the trades won't be finalized for a couple of days.
Shengelia took to Twitter Saturday afternoon to express his excitement.
— Tornike Shengelia (@TokoShengelia23) January 18, 2014
The Taylor move is luxury-tax motivated and opens up a roster spot, the source said. The draft pick, which is reportedly a conditional second-rounder, is not of significance, the source added.
Teague, 20, is averaging just 2.4 points on 24.2 percent shooting in 19 games for the Bulls this season. The 2012 first-round pick has spent time in the D-League at Iowa.
"I didn't always get the minutes and things like that," said Teague. "When the opportunity came sometimes I didn't play as well as I probably should have. Things happen so I'm not worried about the past anymore. I'm just looking (towards) the future."
"I think Marquis is a good player. He's a good young player," said Bulls head coach Tom Thibodeau. "He's had some good moments, he's had some moments that obviously he could do better, but that's to be expected. When you come into this league as young as he is that's what you're going to get. I think he's much further along today than he was when he was first drafted and he's done a good job overall."
Taylor and Shengelia played sparingly for the Nets, often being shuttled between Brooklyn and the team's D-League affiliate in Springfield, Mass.
The deals were earlier reported by Yahoo! Sports.
The Nets now have 14 players under contract. They received a $5.25 million Disabled Player Exception due to Brook Lopez's season-ending injury. This would seemingly make it easier for them to acquire a player with the exception, should they choose to do so.
Information from ESPNChicago's Nick Friedell was used in this report.