In response to a radio interview by former Knicks and Jazz president Dave Checketts, several members of the media have reported that sources say no agreement has been formally reached.

"Person in the room assures me that no agreement has been reached," writes Ken Berger. "They're about to hit the five-hour mark here in New York."

Kate Fagan of the Philadelphia Inquirer spoke with a more optimistic source.

"Not yet, we have to cross T's and dot I's," said Fagan's source. "Right there though. You know how these things go. On route to getting it done, but anything could blow it up."

A source has told Yahoo's Adrian Wojnarowski that no framework of deal has been proposed to owners.

A player source told Sports Illustrated's Sam Amick that there is no agreement.

"Not at all (true)," said the source. "We have yet to discuss our positions at all."