DraftExpress is reporting that Portland and Sacramento are engaged in talks that would send Sergio Rodriguez and the #38 pick in this draft for the #31 selection. J.P. anyone?
The same site also reports the persistent rumor that Portland is trying to trade up for Ty Lawson, which you've heard here for a while now.
Update: This trade is now confirmed.
Update 2: This trade has been double confirmed by "a source close to Kevin Pritchard." -- Ben
Analysis: The Blazers either want someone badly in that second round or they realize that pick #31 may turn out to be one of the more attractive in this draft, being the highest of the non-guaranteed contract selections. I would not be surprised if they're looking to come out of this draft with Lawson, Blair, and Pendergraph, or any two of the three. Also this signals (unsurprisingly) that the Blazers are doing something with a point guard this summer, either here or in trade.
Update 3: We are getting reports that cash is also included in the deal. The speculation is that it roughly equals Sergio's salary. This may mean a trade exception is involved as well, though we're tracking that down.