The Hornets have waived Rashard Lewis.

The buyout of Lewis is for $14 million, but the Hornets receive approximately $9 million in savings.

The Suns are expected to pursue Eric Gordon with their $23 million in cap space.

Gordon could command at least $12 million annually, though many expect the Hornets to match any reasonable offer in his restricted free agency.

Phoenix could preserve their cap space for a 2013 run at James Harden if they fail to secure Gordon.

The New Orleans Hornets have extended a qualifying offer to guard Eric Gordon for the 2012-13 season, making him a restricted free agent.

Gordon averaged a team-leading 20.6 points in addition to 3.4 assists, 2.8 rebounds and 1.4 steals in nine games (all starts) while shooting 45.0% from the field.  

New Orleans is considering Kendall Marshall for their 10th overall pick.

“Most point guards need to be in the right system,” Hornets Coach Monty Williams said. “You take the ball out of Steve Nash’s hands and make him run the Princeton offense, he won’t average 10 assists a game. I think that’s the case for most point guards, more so for Kendall because he’s not the fastest guy in the world.

“But he’s crafty, and I think at North Carolina, where he had three or four first-round picks around him, allowed him to be in the system that helped his game.”

Marshall worked out for the Hornets last Saturday.

“I think he can play,” Williams said. “He has a nose for the situation; he sees plays before they happen. He’s competitive, and I put him in situations where I wanted him to whine a bit. He didn’t whine at all; he just kept playing.”

Carl Landry wouldn't mind returning to the Hornets.

“At this time, they have no actual center on the team,” Landry said Thursday. “We have forwards Lance Thomas, Gustavo Ayon and Jason Smith, and if they draft (Anthony) Davis, there is still need for depth with the bigs.”

Landry, a 6-foot-9 forward, will become an unrestricted free agent on July 1.

The Wizards and Hornets have agreed to a trade of Emeka Okafor and Trevor Ariza for Rashard Lewis and the 46th overall pick.

The Hornets can buyout Lewis' $23.8 million contract for $13.7 million before July 1st.

Okafor and Ariza are owed a combined $43 million through the 13-14 season.

"We are pleased to add two more solid pieces as we continue to build our roster with a balance of proven veterans and the core of young talent that we have developed," said Ernie Grunfeld in formally announcing the trade.  "Emeka's defensive presence and rebounding ability will combine with Trevor’s versatility to add new dimensions to our frontcourt, and both players fit in very well with the type of team-first culture that we have been working to establish."

Dell Demps hasn’t received any viable offers for the 10th overall pick in the draft.

“With this draft class, I really like the 10th position,’’ Demps said. “We’re going to look at the best available player, and I think we can get any position. I think we’re going to get a good player in here.’’

New Orleans is slated to work out Kendall Marshall, Evan Fournier, and Nihad Djedovic on Saturday.

Anthony Davis will meet with executives and coaches of the Hornets on Tuesday, but won't workout for the team, according to sources.

Davis is such a clearcut No. 1 overall choice that the Hornets don't need to go through the process of working him out.

Anthony Davis has hired the Wasserman Media Group to represent him.

Arn Tellem and Thad Foucher will be the primary agents for Davis.

“We are thrilled that Anthony has chosen Wasserman and very much look forward to helping him launch what will undoubtedly be a hugely successful NBA career,” said Foucher.

Wasserman also represents Andrew Luck, the top overall pick of the 2012 NFL Draft and the MLB's top pick in Carlos Correa.

The purchase of the New Orleans Hornets by Tom Benson was completed today after having been approved by the National Basketball Association’s Board of Governors. Per league policy, the terms of the transaction were not released. Tom Benson is now officially the new owner of the New Orleans Hornets.

In conjunction with the finalization of the ownership transaction, the Hornets’ lease extension with the State has been approved by Governor Bobby Jindal and the Louisiana legislature. The extension will keep the Hornets in New Orleans long term, as well as provide funding for upgrades to the New Orleans Arena. The agreement also included the elimination of all exit options, attendance benchmarks, and financial inducements.