According to Sam Amick of The Athletic, the Los Angeles Clippers "have pondered the Lowry possibility but appears to have been dissuaded by the contract obstacle."
Lowry is making $30.5 million this season in the final year of his three-year, $90 million extension signed in 2017.
Amick also listed the Philadelphia 76ers as a potential landing spot for Lowry, but they might have to give up too much to even make the math work in a trade. This includes a theoretical package featuring Danny Green, Mike Scott and Seth Curry.
These types of deals would take too much away from a contending team to justify a trade.
Lowry would help on the court as he continues to produce at a high level. The six-time All-Star is averaging 18.0 points, 7.0 assists and 5.5 rebounds per game, while his 40.3 three-point percentage is the second-best mark of his career.
With his perimeter defense and ability to run an offense, he would provide a boost to virtually any team in the NBA. The 34-year-old's playoff experience, including the 2019 run to an NBA title, would also be a valuable addition to a contender.
The challenge for Toronto will be finding a trade that will benefit both teams.