The deal, which was expected to be approved by the league Wednesday night, will reportedly see the Clippers send guard Eric Gordon, center Chris Kaman, forward Al-Farouq Aminu and Minnesota's unprotected 2012 first-round pick to the Hornets.
The sources said the Clippers will also receive two future second-round picks.
Should the deal be approved, it would bring an end to a saga that had seen previous deals between Paul and the Lakers and then the Clippers both nixed by the NBA.
It would also place Paul alongside dynamic All-Star Blake Griffin in one of the more mouthwatering tandems in the league.
On Monday, the Clippers rejected the proposed blockbuster deal, but a source told Yahoo! Sports that it could be revisited if the league-owned Hornets lowered their asking price.
Then later Monday, an ESPN source said the Hornets had "aggressively" re-engaged the Clippers, with the hope of completing the trade because the league was desperate to bring an end to the situation.
The Lakers had Saturday night pulled out of a three-team trade that would have seen them get Paul. The Lakers, Hornets and Houston Rockets had been working over the weekend on a reconfigured version of the trade that NBA commissioner David Stern controversially nixed Thursday.
In a statement issued Friday, Stern said the league's decision was in the "best interests" of the team from a basketball standpoint.
The Hornets have been trying to trade Paul because the 26-year-old has made it apparent he will not sign an extension, and was set to become a free agent at the end of the season.
The four-time All-Star averaged 15.9 points and 9.8 assists per game for the Hornets last season, and averages 18.7 points and 9.9 assists per game for his career.