The Los Angeles Lakers have pulled out of the three-team deal with New Orleans and Houston that would have landed Chris Paul in L.A., according to sources close to the talks.
The reason for the Lakers' withdrawal was not immediately known.
The Hornets, Rockets and Lakers had been working for the past 48 hours to complete a reconfigured version of the trade that the teams struck Thursday that had been vetoed by NBA commissioner David Stern.
The Hornets, according to sources, will now redouble their efforts to trade Paul elsewhere. Paul can become a free agent at season's end.
One source close to the process told ESPN.com after the Lakers' withdrawal that the Clippers have emerged as an "early front-runner" to trade for the All-Star point guard.
The Lakers are now expected to turn their full focus to obtaining Dwight Howard, who has asked the Orlando Magic to trade him.
One source close to the process said that the Lakers will instead trade Lamar Odom to the Dallas Mavericks.
The Lakers will receive unspecified draft considerations from the Mavericks in exchange for Odom, whose contract slots into the Mavericks' trade exception created in their three-team trade earlier Saturday that sent Tyson Chandler to New York.
Marc Stein is a senior writer for ESPN.com.
Follow Marc Stein on Twitter: @ESPNSteinLine
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