The Raptors -- eager to move an unhappy Ford and make Jose Calderon their starting point guard -- also would include center Rasho Nesterovic and possibly their first-round pick in Thursday's draft, both newspapers reported.
One sticking point might be O'Neal's health. He played in 42 games last season because of a left knee injury, though Pacers officials said recently that O'Neal is healthy, according to the Indianapolis Star.
O'Neal, a six-time All-Star, averaged 13.6 points and 6.7 rebounds a game last season, and is currently working out in Las Vegas.
A second issue might be the financial burden O'Neal poses. He is set to make $21 million this season and $23 million in 2009-10.
Multiple reports surfaced this past weekend about a possible trade that would have the Raptors sending Ford and their first-round pick (No. 17 overall) to the Phoenix Suns for forward Boris Diaw.
Information from The Associated Press was used in this report.