Marc Stein of ESPN.com reports the Nuggets and Nets are making progress in a deal that would involve Carmelo Anthony going to New Jersey in exchange for third-overall draft selection Derrick Favors and multiple first-round draft picks. The Jazz and Bobcats are also involved in the trade, as Denver would also acquire power forward Andrei Kirilenko, whose $17.8 million expiring contract could aid the Nuggets' rebuilding efforts, from Utah. The Bobcats would get Devin Harris from the Nets, and then send Boris Diaw to the Jazz.
Stein describes the talks between the teams as "serious," but there is one major obstacle that could halt this deal. New Jersey wants Anthony to sign a contract extension prior to being traded, so it must convince him that spending his prime years with the Nets is worthwhile. Without that extension, no deal will happen, and the Nuggets will be back to square one.