The Nets have reopened trade talks for Carmelo Anthony, league sources told Yahoo! Sports.

Talks have been ongoing between Denver and New Jersey officials for over a week, according to a source, and are 'progressing'.

A scaled down proposal is being discussed, still involving Derrick Favors. Sources tell ESPN's Chris Broussard that the Nets were the side to first reach out to resume negotiations.

It is not yet known if Anthony is interested in signing an extension with the Nets.

Anthony has strongly preferred joining the Knicks, but he is weighing that desire with the financial security of signing a three-year, $65 million contract extension.

The Knicks and Nuggets haven't been willing to budge from their current offers.