6:13pm: According to ESPN.com's Marc Stein, Golden State has moved away from talks of a three-team deal that would send Monta Ellis to Orlando. In a tweet, Stein says the Warriors are far more interested in assembling a package to offer Milwaukee for Andrew Bogut. Stein went on to say that the Warriors would be unwilling to part with Ellis, even if it meant getting rid of Andris Biedrins' contract, one of the worst in the league. According to an ESPN report by both Stein and Chris Broussard, the Magic will continue to spend the next 48 hours seeking various options on how they can add an enticing player to keep Dwight Howard happy. If they can't make a splash, they'll then spend the last 24 hours before the deadline looking at all their trade options.
1:57pm: The Magic, Hornets, and Warriors are discussing a three-way trade that would send Monta Ellis to Orlando, multiple league sources tell Jarrod Rudolph of RealGM.com. According to Rudolph, Warriors players being discussed include Ellis, Andris Biedrins, and Dorell Wright, while Magic players mentioned include Ryan Anderson, J.J. Redick, Hedo Turkoglu, Quentin Richardson, and Daniel Orton. Taking into account the Warriors' reported interest in Chris Kaman, the Hornets' involvement likely means Kaman would be going to Golden State if a deal was reached.
Although nothing is imminent, talks are ongoing, says Rudolph. I'd be surprised to see the three clubs work out an agreement, given all the moving parts involved, not to mention the presence of the league-owned Hornets — with David Stern still acting as the team's de facto owner, he'll have the opportunity to turn down any trade he doesn't feel benefits the team.
Reports in recent weeks have also indicated that the Warriors aren't looking to move Ellis unless they can acquire Dwight Howard. So it would be unexpected to see them move the Western Conference player of the week to Orlando for non-Howard assets. As Sam Amick of SI.com tweets, Joe Lacob seems unlikely to help the Magic keep Howard, since the Warriors owner covets the star center himself.