The Hornets and 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, according to a source.

The trade was close to completion on Friday night, but had been delayed over the amount of cash New Orleans would send Toronto in the trade.

In order for the deal to pass under league rules, it actually would be executed as two separate trades to get around a restriction preventing Bayless from being included in a multi-player deal prior to Dec. 23 -- two months to the day after the Hornets acquired Bayless from the Trail Blazers.

The Hornets and Raptors are engaged in serious discussions on a five-player trade, according to sources.  

Toronto would receive Peja Stojakovic and Jerryd Bayless, while Jarrett Jack, David Andersen and Marcus Banks would go to New Orleans.

The deal is currently held up over how much cash the Hornets will send as part of the deal.

The Hornets have waived forward Joe Alexander.

Alexander signed with New Orleans as a free agent before training camp.

He had been on the inactive list in New Orleans' first seven games.

Carmelo Anthony has confirmed a New York Post report that Hornets point guard Chris Paul made a champagne toast at the Denver forward's wedding in July that called for himself, Anthony and Amar'e Stoudemire to team up with the Knicks.

"Everybody was having fun. The Miami Heat was the hot topic at that point. There were a lot of players. They were just laughing and joking about it. It is what it is," Anthony said.

"It wasn't set up. It wasn't staged. It was just everybody having a good time laughing and joking."

Anthony denied a Post report he told Spike Lee, who attended the wedding, the Knicks are his first choice.

He added of Denver's extension, "It's still there. My options are open."

The Hornets may be off to a 7-0 start, but that doesn't mean they aren't interested in improving their roster.

New Orleans has already contacted Philadelphia about Andre Iguodala, reports Chris Broussard of ESPN.com's True Hoop.

The 76ers quickly declined the offer, but the Hornets are expected to at least attempt to use the $15.3 million expiring contract of Peja Stojakovic to make an upgrade.

Broussard listed Charlotte, Detroit and Houston as other potential trade partners for New Orleans.

The Hornets defeated the Bucks on Saturday night to improve to 6-0 on the season, the best start in franchise history.

"The crazy thing is we're still not where we need to be defensively," Chris Paul said.

"I think that says a lot about our team. Right now this team gets mad when other teams score."