Note: This article will be updated by the hour until the trade deadline hits at 3 pm ET.
After a report that Tracy McGrady was going to the Kings surfaced, we've learned that the trade is actually a three-team deal, with McGrady going to the Knicks.
While the original deal of Houston landing Sacramento's Kevin Martin, there are a few changes. This is how it shaped out:
Houston Rockets received:
Kevin Martin (Kings)
Jordan Hill (Knicks)
Jarred Jeffries (Knicks)
Sacramento Kings received:
Carl Landy (Rockets)
Joey Dorsey (Rockets)
Larry Hughes (Knicks)
New York Knicks received:
Tracy McGrady (Rockets)
Sergio Rodriguez (Kings)
For a complete trade breakdown after the trade deadline, head over to NBA Soup.
Read on for links to all the hot rumors :
(2.20 pm ET)
Chicago hand two hands in the cookie jar, as they finally unloaded Tyrus Thomas, sending him over to Charlotte for Acie Law, Ronald "Flip" Murray, and a future first-round draft pick.
The Miami Heat, supposedly giving up on acquiring Amare' Stoudemire from Phoenix, have begun late talks with the Utah Jazz about landing Carlos Boozer.
Chicago received Hakim Warrick and Joe Alexander (expiring contracts) from Milwaukee, as they shipped John Salmons big contract over to the Bucks. This is an updated (official) report on a trade rumor involving Salmons earlier in the day.
Milwaukee reportedly pulled another deal, sending rookie guard Jodie Meeks and Francisco Elson to Philadelphia for Royal Ivery and Primoz Brezec.
(9:22 am ET)
Knicks and Celtics swinging deal involving Nate Robinson and Eddie House?
Taylor Smith was among the first B/R writers to report a proposed deal between the Houston Rockets and Sacramento Kings, as the teams agreed in principle to trade Kevin Martin for Tracy McGrady. Click here to learn all the details and who else was involved.
McGrady on his way to Sacramento, but will that be his NBA&hl=129935&id=473" title="last stop" target="_blank">last stop ?
Amare Stoudemire gave his chances of being traded at "50-50" last night, but believes he's staying in Phoenix .
Milwaukee Bucks land John Salmons in a trade that sends Kurt Thomas and Francisco Elson to Chicago. The Bucks acquire a scorer to replace the injured Michael Redd, while the Bulls set themselves up for some mad cap relief this offseason.
Darko Milicic dealt to Minnesota for Brian Cardinal in quiet deal with Knicks.
For more NBA news and fantasy advice, visit NBA Soup .