It was reported earlier Thursday to be a done deal. A few hours later, the deal was "dead."
The Los Angeles Lakers had attempted to acquire Chris Paul from New Orleans before it was thwarted by the league's owners, according to a report by Yahoo Sports.
Hornets general manager Dell Demps was pressured to pull the plug on the deal after other owners became irate that the league-owned Hornets were set to deal Paul to L.A., according to the report.
NBA spokesman Mike Buff rebuffed the rumor, telling the Associated Press that the league office declined the trade for "basketball reasons," and the owners did not bring up the issue at a board of governors meeting.
Paul, 26, has averaged 18.7 points and 9.7 assists per game in six seasons.
The deal was to be a three-team deal between the Hornets, Lakers, and Houston Rockets.
According to the report, the Hornets would have received Lamar Odom from Los Angeles and Lucas Scola, Goran Dragic, Kevin Martin, and a first-round pick from Houston. The Rockets would have received Pau Gasol from the Lakers.
No signings, trades, or cuts can be made official until 2 p.m. Friday.
The Los Angeles Times reported that discussions between the Lakers and Orlando to acquire center Dwight Howard are "slow."
The New York Knicks are close to signing free-agent center Tyson Chandler, according to the New York Times.
Chandler's contract will be worth a reported $58 million over four years. In order to make room under the league's salary cap, the Knicks will reportedly use the new amnesty clause on veteran guard Chauncey Billups and trade forward Ronny Turiaf.
In expected news, the league's owners and players formally approved the new collective bargaining agreement.
Baron Davis received the news others have longed to hear: amnesty from Cleveland. The 32-year-old guard will receive the amnesty clause from the Cavaliers, according to the Cleveland Plain Dealer.
Along with Billups and Davis, other players with hefty contracts may receive the amnesty clause on Friday.
The Lakers may use their amnesty clause on either Luke Walton or Metta World Peace, the player formerly known as Ron Artest.
Each team can use the clause on one player. It allows the team to release and continue to pay a player, but not have that figure work against the salary cap.
This week, the NBA officially recognized the name Artest made legal back in September. On its website, Artest's name was changed to Metta World Peace.
Keeping World Peace comes with a price as he'll make $21.5 million over three years. Walton has two years and $11.5 million left with L.A.
San Antonio plans to release Richard Jefferson, according to Yahoo Sports. That removes a combined $30 million from the team's salary cap over the next three seasons.
In a surprising move, Washington has declined to amnesty Rashard Lewis. He'll make $46 million over the next two seasons.
Miami seemed to bolster it's subpar supporting cast by signing forward Shane Battier. He made the announcement via his Twitter account by tweeting "Let's Go Heat!!!"