12:11pm: The pick that would be going to the Blazers in this proposed swap would only be top-three protected, says Wojnarowski (via Twitter).
11:48am: The discussed trade would send Mehmet Okur, Shawne Williams, and a protected first-round pick to the Blazers, tweets Wojnarowski. Such a deal would save the Nets money this year and potentially clear out more cap space for next year, which explains the first-round pick that would be going to Portland.
11:28am: The Trail Blazers and Nets are engaged in "advanced talks" on a deal that would send Gerald Wallace to New Jersey, reports Adrian Wojnarowski of Yahoo! Sports (via Twitter). A deal is close, adds Wojnarowski (via Twitter). Newsday's Al Iannazzone tweeted earlier today that the Nets were eyeing Wallace.
Wallace, 29, has a player option worth $9.5MM for next season, so perhaps the Nets would want him to make a decision on that option in the event of a trade. Turning it down would mean increased summer cap space for the Nets.