6:08pm: The two sides are nearing agreement on a deal, Wojnarowski tweets.
Last month, it was reported that GM Masai Ujiri is exploring trade options for Gay and others with Jonas Valanciunas, 2011′s fifth overall pick, the only real untouchable of the bunch. Gay looks like the most obvious chip since he’s still capable of being a top scorer for a team and could be a rental since he has a player option for 2014/15 that he could turn down in favor of a longer deal. With a $17.89MM salary, the Raptors will have to take some serious salary back in any trade.
More than three-quarters of Hoops Rumors readers say that they expect Gay to be traded before the deadline.