BREAKING: Star Hotshots' James Yap traded for Rain or Shine's Paul Lee

This might be the biggest deal of the year so far, Star Hotshots have dealt marquee player James Yap for Rain or Shine's Paul Lee.

According to sources, the deal were hammered out after the Elasto Painters management failed to lock down Paul Lee to a three-year contract extension.

James Yap, 34, will be wearing another jersey for the first time in his entire pro career. The 2x PBA MVP played 11 seasons with the Purefoods franchise where he won 7 championships. He averaged 15.9 points, 4.1 rebounds and 1.5 assists in 32.7 minutes per game in his tenure with the franchise. He and newly-acquired Jay Washington will provide some veteran presence for the Elasto Painters.

The Elasto Painters continue their massive overhaul of their roster after Coach Yeng Guiao left the team to coach the NLEX Road Warriors. Earlier this morning, J.R. Quinahan has been traded according to multiple reports and acquired Paul Lee on the same day.

Paul Lee, 27, will also be playing for his second team in the PBA. He played 5 seasons and won 2 championships with the the Elasto Painters. He averaged 13.1 points, 3.7 rebounds and 3.2 assists with his former team.

The Star Hotshots are now loaded with talented guards composing of Justin Melton, Mark Barroca, P.J. Simon, R.R. Garcia, Alex Mallari and the newly acquired Paul Lee