6:45pm: The Cavaliers are eager partners in the trade talks but won’t proceed until the Lakers grant them permission to talk to Bynum and his agent about the center’s willingness to sign a contract extension, league sources told Adrian Wojnarowski of Yahoo Sports. Meanwhile, the Lakers want the deal agreed to in principle before letting Cleveland talk to Bynum and his representatives.
2:07pm: David Lee, the agent for Bynum, told Jason Lloyd of the Akron Beacon Journal that he hasn't been approached by Cavs GM Chris Grant at all about a possible trade, adding, "I would imagine any team involved in this trade would be smart enough to talk to us" (Sulia link).
Asked if Bynum would be open to a long-term deal with the Cavs, Lee declined comment, but said he was baffled by a recent report that named Cleveland as a potential destination for his client in free agency: "I was taken aback by the list considering there is nobody in anybody’s camp he could’ve been talking to. I have no idea where that came about" (Sulia links).
11:03am: The Magic, Lakers, and Cavaliers have the "framework" in place for a trade that would send Dwight Howard to Los Angeles and Andrew Bynum to Cleveland, according to Sam Amico of FOX Sports Ohio (via Twitter). While Amico hears that the three teams are moving closer to a deal, a Lakers official denies that anything is imminent (Twitter link). Amico clarifies that there is talk throughout the league that a trade is getting closer, but none of those rumblings seem to be coming from the Magic, Lakers, or Cavs camps (Twitter link).
Overnight reports suggested that Howard has become open to the idea of signing a long-term deal if he's traded to the Lakers, which removes one significant roadblock from the discussions. However, the Magic still don't appear to be in any rush to pull the trigger quite yet. I'd be a little surprised if they finalized a deal before the Rockets get resolution on Omer Asik and are able to make their final offer to Orlando.
The talks involving the Magic, Lakers, and Cavs would reportedly include the Lakers taking on Howard and a bad contract or two, the Cavs acquiring Bynum and perhaps another bad contract, and the Magic getting Anderson Varejao, draft picks, and cap relief.