According to Shams Charania of Yahoo Sports, the Kings are trading Malachi Richardson to the Raptors for Bruno Caboclo:

Toronto is finalizing deal to send Bruno Caboclo to Sacramento for Malachi Richardson, league sources tell Yahoo.

— Shams Charania (@ShamsCharania) February 8, 2018

Malachi Richardson didn’t get much opportunity with the Kings, but his athleticism and shooting ability could be an asset for a team like Toronto in the postseason.  Wing players have been in high-demand, so it isn’t to surprising to see the Raptors add one for such a low price.

Caboclo is currently in his fourth season with the Raptors, but he is far from a finished product.  The young small forward out of Brazil is still just 22 years old and possesses impressive size and length for a small forward.  Caboclo has yet to make an impact for the Raptors, so this deal is mostly just the Kings taking a flier on a young player with upside.

Update: The Kings intend to waive newly acquired forward Bruno Caboclo according to Jason Jones of the Sacramento Bee. This news would clear the way for the George Hill trade with Cleveland to be completed. Sacramento needed to clear a roster spot to make the deal happen.

The Kings intend to release Bruno Caboclo, I'm told

— Jason Jones (@mr_jasonjones) February 8, 2018

Update: The Kings, in the end, will retain Bruno Caboclo according to multiple reports. The team decided to waive center Georgios Papagiannis instead.