The sources cautioned that nothing is imminent, but said the clubs are having discussions.
The Bobcats have been searching for a power forward, and the 6-foot-9 Davis could be their man. The Celtics, meanwhile, have been longing for a backup point guard, and Augustin, who's fallen out of favor with Charlotte coach Larry Brown, would be more than adequate.
A straight-up trade would not work because Davis is a base-year compensation player, so other players would have to be involved to meet the financial requirements. That could be a sticking point in the deal.
While teams don't typically trade big for small, Boston is a bit aggravated with Davis, who's had a few off-the-court problems this season. Most notably, he missed the first 27 games of the season after breaking his thumb in an early morning scuffle with a friend.
The Celtics have been rumored to be exploring deals for Ray Allen, and while league sources insist the word "shopping'' is too strong, they say the shooting guard is definitely available. Few believe he'll be traded before the Feb. 18 deadline, though, because the Celtics aren't likely to get a better player in return.
Chris Broussard covers the NBA for ESPN The Magazine.