The Gilbert Arenas for Vince Carter trade rumors have been heating up in recent weeks and reached their peak when the “Orlando Pinstriped Post” reported that they had learned of ongoing trade dialogue between the Magic and Wizards regarding the former NBA All-Star guards.

The Magic have also been linked in trade talk to Carmelo Anthony and Chris Paul but this rumor involving Arenas and Carter appears to be a much more feasible transaction considering the players and salaries involved.

Here is an excerpt from the story:

The Orlando Magic have engaged the Washington Wizards in an ongoing trade dialog centered around Wizards shooting guard Gilbert Arenas, Orlando Pinstriped Post has learned. What Orlando would send Washington in return for the three-time All-Star is less clear, but the proposed deal likely includes shooting guard Vince Carter, according to a source. Wizards big man Andray Blatche, Magic forward Rashard Lewis, and Magic center Daniel Orton could also be involved. Both teams have a mutual understanding of what the trade might include, the source says, and it’s unclear what factors are holding up the trade. What is clear around the league, however, is that Magic President of Basketball Operations Otis Smith has his eye on Arenas. If Orlando is to make a major trade this season, Arenas will likely be the target.

Apparently the Magic have been just itching to make a blockbuster deal to improve their chances of bringing home a title - according to Brian Schmitz’s column in the Orlando Sentinel:

They would even be willing to take a step back this season to restock if it meant they could land either Anthony or Paul.

  • Vince Carter and all their youngish, proven pieces are available in some sort of blockbuster package: Jameer Nelson, Mickael Pietrus, Marcin Gortat, Brandon Bass, J.J. Redick and Ryan Anderson.*

When I asked somebody in the organization about such a possibility, that somebody never shook off my sign, never flinched.

Today*** Wizards owner Ted Leonis denied*** any Gilbert Arenas-to-Orlando talks (“The team is trying to rebuild and Gilbert is one of the leaders on the team,” Leonsis wrote. “Gilbert is the best player on the team right now.”) but if the past is any indication most of the time reported rumors always have a smidgen of truth attached. Also, isn’t the best way to enhance a player’s trade value to praise his contributions? Consider that accomplished, Mr. Leonis.

Assuming that this deal is indeed on the table what do the Magic hope to accomplish by acquiring Arenas and his gargantuan, long-term salary? Would they give up on Jameer Nelson this early in his career? Or would they play him at the two and continue to bench J.J. Redick even though he has played better of late?

I know that there is a very fine line between competing for a playoff berth and challenging for a title in the NBA and would understand such a move if the Magic were going to acquire a dynamite player who would fit their system perfectly, but that would not be the case with Gilbert, who is coming off several severe injuries and comes with tremendous baggage.

Then again, maybe Arenas just needs a chance to start from scratch and play for a contending team where he won’t need to hoist fifty shots per night. Just maybe? He is after all averaging 17.1 points and 5.1 dimes this season so his ability as an impact player still exists.

Vince Carter? His play this year has been rather unimpressive although he still shows flashes at times. I still can’t believe this guy has pocketed over $116 million in his career thus far and stands to receive one more decent payday - combined Arenas and Carter made over $32 million last season. To say they are overpaid would be an EXTREME understatement.

I understand the desire to acquire value for Vince Carter’s semi-expiring contract (if he is not waived before 6/30/11 he will receive a guaranteed $18.3 million - if he is waived he will make $4 million and become a UFA) so I’m not sure I can blame them for testing the market.

Would Gilbert Arenas actually help the Magic long-term?

If the rumors become fact we may find out soon enough.