New Jersey will also give the Wizards "cash considerations" in the deal for the seven-foot Yi, who averaged career highs of 12 points, and seven rebounds last season.
"This trade is a good opportunity to add a skilled seven-footer with significant NBA experience who was the sixth overall pick in the draft just three years ago," Wizards general manager Ernie Grunfeld said in a news release.
"Yi fits in very well with our ongoing plan of building toward the future with a core of young, talented players."
Yi was originally selected by the Milwaukee Bucks with the sixth overall pick in the 2007 NBA Draft and traded to New Jersey prior to the 2008-09 season.
He has career averages of 9.6 points and 5.8 rebounds in 179 games with the Bucks and Nets.
Ross, a guard/forward, averaged 1.5 points for the Wizards in 25 games last season after being acquired from Dallas.
(Writing by Steve Ginsburg; Editing by Justin Palmer)