
In exchange, the Sonics receive veteran three-point specialist guard Brent Barry, centre Francisco Elson and a 2009 first-round draft pick.
Thomas will be expected to help the defending NBA champion Spurs cope with newly arrived seven-footers Shaquille O'Neal of the Phoenix Suns and Spaniard Pau Gasol of the LA Lakers.
"I think the landscape of the West has put a premium on interior defence," Spurs general manager RC Buford said. "Now, with the trades of recent days, that's only improved."
In his 13th NBA season, the rugged, 6-foot-9, 235-pound Thomas has averaged 9.9 points per game and 7.5 rebounds with Miami, Dallas, New York, Phoenix and Seattle. In 42 games this season, he is averaging 7.6 points and 8.8 boards.
Barry has been sidelined by a calf injury, but Ime Udoka has stepped in as a formidable replacement with his defence and three- point shooting. Meanwhile, Elson became expendable due to his inconsistent play at centre during limited action.
The deal comes ahead of Thursday's NBA trade deadline.