1:33pm: The second-round pick headed to Phoenix will either be the Raptors' or Kings' 2014 pick, whichever is lower, reports Paul Coro of the Arizona Republic (via Twitter).
1:03pm: The Raptors and Suns have agreed to a deal that will send Sebastian Telfair to Toronto and Hamed Haddadi to Phoenix, reports ESPN.com's Chris Broussard (via Twitter). According to Ken Berger of CBSSports.com (via Twitter), the Suns will also acquire a second-round pick in the trade, as ESPN.com's Marc Stein reported earlier today.
Since trading Jose Calderon to the Pistons in the deal that landed them Rudy Gay, the Raptors had been exploring avenues for adding another point guard, having reportedly targeted Eric Maynor and Luke Ridnour along with Telfair. Adrian Wojnarowski of Yahoo! Sports reported this morning that the Raptors had emerged as the frontrunners for Telfair, who had a cheaper salary and trade cost than Toronto's other options.
In addition to landing a protected second-rounder from the Raptors, the Suns will also cut costs a little, as Haddadi is earning just $1.3MM compared to Telfair's $1.57MM. The move also lets the team create playing time for rookie point guard Kendall Marshall, which was Phoenix's initial motivation for exploring a Telfair trade.