[Update @ 12:59] It's official. Just received a press release from the Hornets confirming that it's a done deal. From that release:

The New Orleans Hornets announced today that they have acquired guard/forward Bonzi Wells, guard Mike James, and cash considerations from the Houston Rockets in exchange for guard Adam Haluska, guard Bobby Jackson, forward Marcus Vinicius and a 2008 second round pick. As part of the three-team deal, the Memphis Grizzlies will receive Vinicius, the rights to Malick Badiane and cash considerations in exchange for the rights to Sergei Lishouk.

"We have been looking to improve our bench as we head into the playoffs," said Hornets General Manager Jeff Bower. "This trade dramatically improves our team by giving us proven veteran scorers at the backup guard and swing positions."

John Reid has more over at NOLA.com. 

[Update @ 11:45] The ClutchFans boards are claiming it's a done deal, just pending League approval. Bonus linkage: Houston sports radio discusses the deal | HR thread | Rockets blog: The Dream Shake

[Update @ 10:36] ESPN have put an updated story about the deal on their NBA front page and say we're in "final discussions" with the Rockets.

[Original post] Just gonna throw up this quick post to keep everyone's trade thoughts together.

ESPN reported last night that the Hornets were in "serious discussions Wednesday night on a multi-player deal that would send Mike James and Bonzi Wells to New Orleans for Bobby Jackson and one or two other players."

Yahoo! Sports followed later, saying that the other player we would include would be Adam Haluska.

Jonathan Feigen of the Houston Chronicle has much more info this morning, revealing that Memphis may also be involved in the deal, and we could be sending Marcus Vinicius their way.

Ahead of the Mavs game yesterday (our recap here), Byron Scott told Teddy Kider of the T-P the following…

"We've talked about a couple of things, but really nothing serious… everybody wants to give us their crap. They want a player off our bench that we like a lot. We're saying, 'Look, we want to try to make it a win-win situation.' That's the bottom line."

So if this deal goes through, and it looks like it will, what are your thoughts? Did we make out good? Is this a risky deal?

FYI: Trade deadline is 2pm Central today.