4:11pm: According to Dave McMenamin of ESPN Los Angeles, the Lakers and Cavs tried to bring the Rockets into the mix to facilitate a Sessions deal. In the proposed trade, the Lakers would have received Sessions from Cleveland and future considerations from Houston; the Rockets would have received a first-round pick from the Lakers; and the Cavs would have received Jonny Flynn from the Rockets. Those talks are dormant for now, says McMenamin.
12:29pm: The Lakers are stepping up their pursuit of Sessions, reports Sam Amico of FOX Sports Ohio. While L.A. initially balked at Cleveland's asking price of a first-round pick, a source tells Amico now that the Lakers have explored the trade market, they're "finding a deal for Sessions may be the best fit."
8:56am: With two days until the trade deadline, the Lakers continue to express interest in Ramon Sessions, according to Alex Kennedy of HoopsWorld (via Twitter). The Lakers have been linked to Sessions for weeks.
It seems to me that the Lakers are exploring all their trade options in hopes of making a bigger splash, viewing Sessions as a fallback option. Cleveland's asking price for its backup point guard reportedly isn't outlandish, and I think a late first-round pick would get a deal done. The Lakers figure to have two at their disposal, having acquired the Mavericks' first-rounder for Lamar Odom.
Sessions also fits nicely into the $8.9MM trade exception the Lakers received in exchange for Odom. Although acquiring any player would have tax ramifications for Los Angeles, Sessions' $4.26MM cap figure is more reasonable than the salaries of other players the Lakers have been linked to, such as Michael Beasley ($6.26MM), Raymond Felton ($7.56MM), and Kirk Hinrich ($8.1MM).