The Hornets, Lakers and Rockets have delivered a restructured Chris Paul to the NBA for their approval, according to sources.
Los Angeles would receive Paul, along with free agents Jason Smith and Marcus Banks in sign-and-trade agreements.
Houston would send Kevin Martin, Luis Scola, a 2012 first round pick and possibly additional young players of picks.
The Lakers would send Lamar Odom to the Hornets and Pau Gasol to the Rockets, while they are also pursuing a first round pick to send to the Hornets.
“It’s in David Stern’s hands now,” one source said. “He’ll decide on the trade.”