3:21pm: Sam Amico of FOX Sports Ohio reports (via Twitter) that a Pelicans official has denied the Cavs rumor. I'm not sure whether that means the Cavs never floated the idea, but at the very least, it seems New Orleans isn't considering such a deal, which makes sense.
2:54pm: The Cavaliers have offered the first overall pick to the Pelicans in exchange for the No. 6 pick, a 2014 first-rounder, and Greivis Vasquez, according to Alex Kennedy of HoopsWorld. Kennedy adds that it's not clear whether the Pelicans have expressed interest in such a deal, though I'd be surprised if they were willing to give up so much to move up five spots.
If the Pelicans were to trade up to first overall, they'd have plenty of options that won't be on the table at No. 6. Nerlens Noel, Otto Porter, and Victor Oladipo are among the players expected to be off the board within the first five picks.
Parting with Vasquez and a 2014 first-round pick would be a steep price to pay to move up, however. Vasquez had a breakout year in 2012/13, averaging 13.9 PPG and 9.0 APG, and the '14 draft class is considered to be significantly stronger than this year's, making teams reluctant to part with next year's first-rounders. As such, I don't expect these talks to gain a whole lot of traction unless the Cavs' asking price comes down.