GreekKing broke the news on At the Hive here last night. 

I'll update this post as we learn more. The trade in principle is: Peja Stojakovic for Toronto's Chris Bosh trade exception and Jerryd Bayless for Marcus Banks and David Andersen. 

Saturday, 11:44 PM

Here's what ESPN says right now:

The New Orleans Hornets and Toronto Raptors have agreed in principle on a five-player trade that would send Peja Stojakovic and Jerryd Bayless to the Raptors for Jarrett Jack,David Andersen and Marcus Banks, a source told ESPN.com Saturday.

 

The deal was close to being completed Friday night, but had been held up over the amount of cash the Hornets would send to the Raptors in the trade, according to a source with direct knowledge of the talks, who spoke on condition of anonymity.

Saturday, 12:59 AM

The original report can be found here.