UPDATE 5:50pm EST: CBSSports.com's Ken Berger is reporting that Sean Marks is also coming to the Bobcats in the Wallace deal. Other sources reporting the two picks coming to Charlotte are the Blazers' 2011 first rounder (originally from Hornets--top 7 protected) and their 2013 first rounder as well.
UPDATE 4:15pm EST: Multiple outlets are reporting the following deals as final: Gerald Wallace to Portland for Joel Przybilla, Dante Cunningham, and two future first-round picks. Also, Nazr Mohammed to Oklahoma City for Mo Peterson and D.J. White.
UPDATE Thurs. 3:25pm EST: Talks between Bobcats and Blazers have heated back up and may have reached boiling point... Multiple sources confirming Gerald Wallace to Portland for two future first round picks. Not clear if Joel Przybilla will come to Charlotte. Nazr Mohammed has also been traded to the Oklahoma City Thunder for D.J. White and Mo Peterson, though no official confirmation at this point. Check back later this evening for a full recap and analysis of the Bobcats' deadline moves.
UPDATE Thursday AM: Bobcats head coach Paul Silas was quoted this morning as saying "We aren't going to do anything," in response to the possibility the team would make any moves in the few hours before the deadline hits.
UPDATE 8:35pm EST: Talks between the Bobcats and the Blazers are "cooling" with one source suggesting Bobcats majority owner Michael Jordan is getting "cold feet." (via Adrian Wojnarowski @WojYahooNBA
The Bobcats have reportedly been shopping Wallace around the league with increased intensity in the last few days, and have asked for an expiring contract and a first-round pick in return.
As of 5:30 pm EST Wednesday, nothing has been officially announced from either team, but sources close to the situation are saying it is all but done.
The social networks have been buzzing about the deal all afternoon, with the major topics being centered on what the Bobcats would receive in return. Several options have been thrown around, but none of them seem to portray the Bobcats as the winners here.
The most likely package would be Joel Przybilla, at least one draft pick, and cash considerations. Other combinations have included Andre Miller and/or Marcus Camby, although it is believed Camby may retire instead of reporting to Charlotte if he is included.
One intriguing player that the Bobcats reportedly wanted in return, Nicolas Batum, has seemingly been removed from the conversation.
The move, regardless of who is involved, would likely mean Gerald Henderson would start at the small forward for the Bobcats, a clear downgrade from Wallace.
It seems as though Charlotte is punting at a terrible time as it sits just one game out of a playoff spot.