According to sources, a potential deal to send Smith from the Atlanta Hawks to the Suns prior to Thursday's 3 p.m. ET trade deadline, is unlikely.
Phoenix has had talks with Atlanta about Smith, who will become an unrestricted free agent this summer.
However, the Suns have been engaged in discussions about their own role players in Sebastian Telfair and Jermaine O'Neal. Toronto, looking for a backup point guard, has interest in Telfair, as well as Minnesota's Luke Ridnour and Oklahoma City's Eric Maynor. New York has strong interest in O'Neal.
Barring a deal that featured three or more teams, Boston would likely need to part with Paul Pierce to acquire Smith, which could well rule the Celtics out of the chase for Atlanta's versatile forward, ESPN's Marc Stein reports.
Information from ESPN The Magazine's Chris Broussard and ESPN.com's Marc Stein was used in this report.