The trade that has basically been a formality for days is now official, as the Philadelphia 76ers have acquired the No. 1 pick in Thursday's NBA Draft in exchange for the No. 3 pick and a future first-round selection.

The Sixers are expected to select Washington point guard Markelle Fultz with the top overall pick.

In addition to the third overall pick in the 2017 draft, the Celtics receive what will likely be a top-five pick in either 2018 or 2019. The pick that Boston would acquire belongs to the Lakers, Kings or Sixers.

The trade has been in place in principle since Saturday, but reports suggested that the Celtics might also receive a 2021 first-round pick in the deal, so perhaps that was the main point of negotiations.

It's unclear whom Celtics will select with the No. 3 pick on Thursday, but there were reports that they liked Kansas forward Josh Jackson more than Fultz, which could have been an impetus for making the deal. There's also speculation that this trade could be the first part of a bigger move to land a star like Jimmy Butler or Paul George.

For the Sixers, the addition of Futlz would give them an impressive young core which also features Rookie of the Year finalist Joel Embiid and Ben Simmons, the No. 1 overall draft pick in 2016.