There's still no word on whether Chandler, recently returned from China, has received FIBA clearance from the CBA. A report this weekend suggested that the process may be delayed, since the forward had been cleared to return to America by his team, but not by the league, which has control over his clearance. However, with Chandler's Chinese team now eliminated from the CBA playoffs, there shouldn't be a holdup.
When he's cleared, Chandler will be free to sign an offer sheet with any team, which the Nuggets would then have the option to match. However, teams aren't permitted to sign restricted free agents to offer sheets after March 1st, so if the Raptors hope to make a play for the 24-year-old, they'll have to move quickly.
The Raptors currently have about $4.3MM in cap space, which likely won't be enough to pose a serious threat to the Nuggets. Steve Kyler of HoopsWorld wrote last week that Toronto could try clearing salary to make a bigger offer to Chandler, but suggested Jose Calderon was a more realistic trade chip than Barbosa. I'm inclined to agree that it'll be tough to move Barbosa and his $7.6MM salary — trading him on March 15th would be doable, but if teams know that Toronto's hand is forced, they won't offer much this week.
I looked at Barbosa's trade candidacy earlier this month.