The trade was confirmed by a basketball official, who spoke to The Associated Press on the condition of anonymity because the deal had not been announced.
Pistons spokesman Kevin Grigg declined to comment, and messages were left for a Nuggets spokesman as well as for an agent representing Billups and McDyess.
The blockbuster deal comes two games into the season for Detroit. The Pistons have been a model of consistency in recent years, but they were determined to change their core following a third straight exit from the Eastern Conference finals last summer.
The Pistons play at Charlotte Monday night. The Bobcats are coached by Larry Brown, who led Billups and the Pistons to the 2004 NBA title and also guided the Iverson-led Philadelphia 76ers to a spot in the finals in 2001.
Billups returns to familiar surroundings—he was born in Denver and played in college at Colorado. McDyess also will be enjoying a homecoming of sorts, having been a Nugget from 1995-97 and 1998-02.
From AP Sports