The Denver Nuggets were close to a trade with the Phoenix Suns for Eric Bledsoe.
The deal would have included Emmanuel Mudiay and a first round pick, but talks ultimately collapsed.
Phoenix traded Bledsoe to the Milwaukee Bucks for protected first round pick and second round picks, along with Greg Monroe.
"We chase every opportunity to improve ourselves," Tim Connelly said. "We've had a lot of excellent players offered to us for our young talent. There's a fine line between overvaluing your own players and being too aggressive chasing short-term results."