Van Exel, who twice this season has asked the Nuggets to trade him, reportedly has changed his mind and now is unwilling to waive the last two years of his contract, valued at $26.5 million, in order to facilitate a deal.

Tony Dutt, Van Exel's agent, told ESPN that his client would not waive the last two years of a seven-year, $77 million deal Van Exel signed prior to the 1999-2000 season.

With concerns about bulging payrolls and the luxury tax, teams are reluctant to take on players with long, escalating contracts. Van Exel is scheduled to make $12.8 million in 2004-05 and $13.7 million in 2005-06.

Teams have until 6 p.m. EST on Thursday to finalize trades.

Van Exel, 30, is averaging 21.4 points and 8.1 assists in 45 games this season, his ninth in the NBA. He has a penchant for making clutch shots but also for shooting too much and sulking.

Van Exel asked for a trade privately in training camp and publicly in December. Nuggets general manager Kiki Vandeweghe has tried to accommodate him and told the Rocky Mountain News that he has a deal on the table -- if Van Exel waives the last two years of his deal.

That deal could be with Boston. There are reports that the Celtics have offered guard Kenny Anderson and rookie swingman Joe Johnson in a package for Van Exel. But the Boston Herald reported that the Celtics would not make the deal unless Van Exel waived the final two years of his contract.

With the combination of luxury tax implications and salary cap rules, it is unlikely that any team will engineer a deal as big as the one Tuesday between the Indiana Pacers and Chicago Bulls. The Pacers sent swingman Jalen Rose -- their leading scorer -- to the Bulls for center Brad Miller, forward Ron Artest and guard Ron Mercer -- Chicago's three leading scorers -- as part of a seven-player deal.

In addition to Rose, the Bulls also received veteran point guard Travis Best, rookie guard Norman Richardson and a conditional second-round pick. The Pacers also received guard Kevin Ollie.

Rose is in the second year of a seven-year, $93 million deal. He is averaging 18.5 points, 4.7 rebounds and 3.7 assists but was unhappy with reduced playing time with Indiana.

The 6-8 swingman instantly becomes the best player on the Bulls, who again have the league's worst record at 12-40.

The acquisition of the 7-foot Miller allows the Pacers to play All-Star Jermaine O'Neal at his natural power forward position.

Artest, one of the best defenders in the NBA, should move into Rose's small forward slot, and Mercer should spell Reggie Miller at shooting guard.

The Pacers (26-27) are battling for a playoff spot with rookie point guard Jamaal Tinsley, whose production has dropped of late. Rose and Best were Indiana's reserve point guards.

Another player who has asked for a trade but may not get it is center Marc Jackson of the Golden State Warriors.

The 6-10 Jackson was on track to be Rookie of the Year before getting hurt last season. He signed a six-year, $24 million offer sheet with Houston, which Golden State matched.

Jackson has been anchored to the bench for most of the season while the Warriors have tried to deal him. He has veto power over any trade until October and gave the Warriors a list of three teams -- Memphis, Orlando and Indiana -- to which he would like to be dealt.

Last month, Jackson expanded that list to include Phoenix. When a deal with the Suns fell through, he blasted the Warriors and was suspended for two games by the team. He since has added four more teams to his list.

Other prominent names that have arisen in rumors include Utah's Karl Malone, Dallas' Michael Finley, New York's Latrell Sprewell, Denver's Raef LaFrentz and Portland's Damon Stoudamire and Bonzi Wells.

A handful of teams are looking for help. Both Milwaukee and Minnesota would like to add backup point guards. New York would like to add size while unloading some long-term contracts. Orlando would like to add a rebounding forward.

The biggest deal at the last two deadlines has been swung by the Philadelphia 76ers. In 2000, they acquired forward Toni Kukoc as part of a three-team deal. Last year, they moved Kukoc in a deal that netted All-Star center Dikembe Mutombo, a move that vaulted them into the NBA Finals.

The 76ers (26-26) are struggling this season but have several players with nagging injuries and do not seem to have much to offer in terms of trades without breaking up their nucleus.