The Nuggets and Nets are engaged in 'advanced talks' on Carmelo Anthony, sources tell Yahoo! Sports.

The proposed deal would be for Derrick Favors, Devin Harris, Troy Murphy, Ben Uzoh and four future first rounders in exchange for Anthony, Chauncey Billups, Renaldo Balkman and Melvin Ely.

The two sides have the framework of a deal in place, but Anthony needs to be sold on an extension.

Anthony may meet with Mikhail Prokhorov, owner of the Nets, this weekend during the All-Star Game Weekend. Media reports for months have consistently suggested that Anthony strongly prefers playing for the Knicks or Bulls.