MONDAY, 4:04pm: Colin Stephenson of the Newark Star Ledger is hearing that a deal that would send Johnson to the Nets is "pretty much done," he says via Twitter.
SUNDAY,11:06pm: The Nets are now offering Jordan Farmar, Johan Petro, Anthony Morrow, Jordan Williams, DeShawn Stevenson (via sign-and-trade) and a future first-round pick for Johnson, sources tell Marc Stein of ESPN.com (via Twitter). Sources say that the Nets are insisting that the trade includes at least one of their free agents via sign-and-trade – Stevenson or Gerald Green – in hopes of staying over the salary cap and keeping their MLE.
Stein adds that the Nets will only go ahead with the deal if it means keeping Deron Williams in Brooklyn.
The Nets would have to sign-and-trade Stevenson at a low number in order to make the numbers match up, tweets John Hollinger of ESPN.com.
9:45pm: The Nets are still trying to get a trade done for Johnson and hoping to get it resolved by mid-week, sources tell Marc J. Spears of Yahoo Sports (via Twitter).
4:17pm: Atlanta has spoken with about 20 teams and is in at least a half dozen active discussions, a source tells Ken Berger of CBSSports.com (via Twitter).
3:47pm: The deal is in jeopardy as the Nets fear that they'll be surrendering too much financial flexibility in the trade as currently structured, according to Marc Stein and Chad Ford of ESPN.com. Another major stumbling block is the Hawks' insistence on acquiring MarShon Brooks.
10:58am: The Nets and Hawks could reach a decision on a possible Johnson trade today, tweets Adrian Wojnarowski. If the two sides don't agree to a deal, Brooklyn figures to turn its attention to O.J. Mayo. Atlanta, meanwhile, is "much more focused" on moving Johnson than Josh Smith, tweets Wojnarowski.
SATURDAY, 8:34pm: The Nets and Hawks are in talks about a possible swap that would send Joe Johnson to Brooklyn, tweets Adrian Wojnarowski of Yahoo! Sports. Both sides are in talks on several fronts, and while no deal between the two teams is close, Atlanta and Brooklyn have "gone back and forth" on the possibility, Wojnarowski adds (Twitter link).
Johnson has four years left on a massive six-year, $123.7MM contract, so any trade would have to involve a great deal of assets going to the Hawks in exchange. Since the Nets have only about $13.7MM in guaranteed contracts for next season, Brooklyn would have to engineer some sign-and-trades to make a swap for Johnson feasible. Deron Williams appears unlikely to be part of any Johnson deal, as Wojnarowski says the Nets' intent would be to pair Johnson in the backcourt with Williams, who's reportedly leaning toward re-signing with the team.
Stefan Bondy of the New York Daily News says that no two NBA GMs are closer than Nets boss Billy King and new Hawks GM Danny Ferry, who played together in college at Duke. Bondy has wondered whether that relationship would lead to a trade, speculating it could involve Josh Smith instead (Twitter links). Zach Lowe of SI.com tweets that since the Nets currently have no one under a guaranteed contract for 2013/14, they could theoretically sign Williams, acquire Johnson and still have enough money left over for Dwight Howard, who's set to become a free agent next summer.
Zach Links contributed to this post.