Magic talking trade for Gilbert Arenas; Wizards deny it

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UPDATE 5:18 pm: Wizards owner Ted Leonis shot down this trade rumor, telling the Washington Post that there was no truth to it.

“The team is trying to rebuild and Gilbert is one of the leaders on the team,” Leonsis wrote. “Gilbert is the best player on the team right now…. It isn’t true. I wouldn’t tell you if it was true but I am telling you that it is not true.”

Leonsis has been a very public supporter of Arenas and has said he is one of the future building blocks of the franchise. Eventually an offer may well come along to change that thinking, but this one likely is not it.

2:12 pm: The Orlando Magic and Washington Wizards are discussing a trade that would bring Gilbert Arenas to Florida, according to the reliable Orlando Pinstriped Post.

What Orlando would send Washington in return for the three-time All-Star is less clear, but the proposed deal likely includes shooting guard Vince Carter, according to a source. Wizards big man Andray Blatche, Magic forward Rashard Lewis, and Magic center Daniel Orton could also be involved. Both teams have a mutual understanding of what the trade might include, the source says, and it’s unclear what factors are holding up the trade. What is clear around the league, however, is that Magic President of Basketball Operations Otis Smith has his eye on Arenas. If Orlando is to make a major trade this season, Arenas will likely be the target.

That the Magic are still looking for a move that will put them over the top of Boston, Los Angeles and — theoretically — Miami was reported earlier this week.

Still, this seems like a bit of a longshot.

First and foremost, Gilbert Arenas brings a major price tag — he makes nearly $18 million this season and has three years, $61 million left after this season on his deal (if he picks up his player option, which he will). Carter can be a cost savings (which is why Washington would love this deal), Carter is scheduled to make almost the same as Arenas next year but the deal can be bought out for $4 million. With Arenas, you are on the hook for all of it.

The other question becomes — are you really getting an upgrade? Compare this season’s stats from Arenas and Carter and you see very similar production (to sum up, Carter’s PER is 15.8, Arenas 15.7). I get Orlando may be thinking Carter can’t be the secondary playmaker and creator they need — but do they really think Arenas can be that guy?

Still, the talk is out there.