FRIDAY, 6:17pm: The deal, which could become official later today, will also involve the Rockets, who'll receive Furkan Aldemir, taken 53rd by the Clippers in Thursday's draft, writes Broderick Turner of the Los Angeles Times. The Rockets will send cash to the Mavs, tweets fellow Los Angeles Times writer Brad Turner.
FRIDAY, 5:32pm: The Mavericks and Odom have agreed to extend the deadline to fully guarantee Odom's contract by one day, until tomorrow, so that the trade can be finalized, according to Marc Stein of ESPN.com. Ken Berger of CBSSports.com says "only paperwork" is left to be done before the deal is official (Twitter links).
4:43pm: Williams has agreed to join the Jazz, a source tells Brian T. Smith of The Salt Lake Tribune (via Twitter).
12:22am: Even with the tentative agreement in place, this deal could fall apart within the next couple days, according to Brian T. Smith of the Salt Lake Tribune. With details of the negotiations becoming public, the Jazz are "backing off somewhat," trying to avoid a game between teams and agents (Twitter links). While the swap still could happen, Utah has other options it could explore, and may choose to leave the deal behind should it continue to publicly unravel (Twitter link).
THURSDAY, 7:54pm: Jazz GM Kevin O'Connor told Spencer Checketts of 1280 The Zone in Utah that the deal has too many moving parts and "isn't close to being done" (Twitter link). Broderick Turner of the Los Angeles Times also reports that nothing is official yet, though a deal could be reached by Saturday.
6:59pm: According to Brian T. Smith of the Salt Lake Tribune (Sulia link), Williams still hasn't make a final decision on his future.
6:50pm: Williams has decided to accept the trade to the Jazz, a source tells Ramona Shelburne of ESPNLosAngeles.com. Assuming Williams officially picks up his player option, this trade remains on track to be completed by tomorrow, says Shelburne.
3:28pm: The Mavericks, Clippers and Jazz have reached an agreement on a deal that would send Lamar Odom to the Clippers and Mo Williams to the Jazz, Eddie Sefko of the Dallas Morning News reports. The deal hinges on Williams' willingness to pick up his $8.5MM option for 2012/13, so nothing is official yet.
Earlier today ESPN.com's Chad Ford and Marc Stein reported the Jazz had entered discussions. Previously, the Mavs and Clippers were looking for a third team to take on Williams' contract, as the Mavs want to free as much cap space as possible.
In the proposed deal, the Jazz would use their $10.89MM trade exception, which stems from the team's trade of Mehmet Okur to the Nets in December, to take on Odom's salary. The Mavs would then gain a trade exception worth Odom's $8.9MM salary.
The Mavs have been trying to get rid of Odom before Friday, when his $8.2MM salary becomes fully guaranteed. Williams is open to the idea of exercising his option, but "is exploring all options," tweets Ken Berger of CBSSports.com.
Zach Links contributed to this post.