In exchange, the Wings obtained the third overall selection in April's WNBA draft -- they also have the No. 11 pick -- as well as Atlanta's 2025 first-round pick.
"Adding Allisha Gray is a huge step for our organization and we are all celebrating a big win today,'' Dream general manager Dan Padover said. "She is one of the best two-way guards in the world and is in the prime of her career. The intensity in her style of play will fit perfectly here in Atlanta."
The Dream still have the No. 8 overall selection in April's draft.
Gray, who turned 28 on Jan. 12, was the No. 4 overall pick in 2017 by Dallas after winning the NCAA title with South Carolina. She attended Washington County High School in Sandersville, Georgia -- about a two-hour drive from Atlanta.
She has averaged 11.7 points, 4.2 rebounds and 2.0 assists in her six WNBA seasons, including 13.3 points, 4.8 rebounds and 2.5 assists last season as the Wings went 18-18 and advanced to the first round of the playoffs.
"Thank you, Dallas Wings fans and family!" Gray posted to Twitter. "Since being drafted by the Dallas Wings 6 years ago when I embarked on my WNBA career, I've won Rookie of the Year, earned an Olympic gold medal, and built friendships that will last a lifetime.
"... I'm excited for this new phase of my journey and can't wait to get started."
Dallas was also involved in a three-way trade this week that brought forward Natasha Howard and guard Crystal Dangerfield from New York. It had long been rumored that Gray was seeking a trade from the Wings.
Atlanta went 14-22 last season under first-year coach Tanisha Wright. The Dream are seeking their first playoff berth since 2018.