Here is an excerpt from Insider going over various Van Exel scenarios and their probabilities:

So who will end up with Van Exel? Insider talked to several NBA GM's who chimed in on the odds of Van Exel ending up in New York, Indiana, Minnesota, Portland and Toronto. And then we handicap the lastest early morning rumor, Van Exel to Milwaukee. Be forewarned, the odds are 2 to 1 that on Feb. 22, Van Exel is still in a Nuggets uniform.

Van Exel to New York: The Nuggets and Knicks have talked but seemed to have reached and early impasse. The Knicks want Van Exel and LaFrentz in any deal. The Nuggets aren't willing to take on the salary of Marcus Camby or most of New York's other overpaid players. Both the N.Y. Times and N.Y. Post in today's editions are reporting that the possibility of a deal is now remote. Still, two GM's said they think the Knicks are the leading contender if they can get a third team involved? Who might that be?

The Suns have shown some interest in Camby. Could Phoenix be the long sought after third trade partner the Knicks are looking for? The Suns could fit in Camby if they ship John Wallace, Rodney Rogers and Jake Tsakalidis to Denver. Wallace and Rogers are in the last year of their deals. That would allow the Knicks to get Van Exel and LaFrentz and the Nuggets to clear some serious cap room to rebuild. To get a trade to work under salary cap rules, the Nuggets would have to take on one long-term salary, Mark Jackson's. The biggest stumbling block? Camby's injury seems to be scaring off everyone at the moment.
Odds: 15 to 1.

Van Exel to Indiana:Again, the Pacers' interest really stems from a desire to add LaFrentz in the middle. To get Van Exel and LaFrentz, the Pacers would have to give up Jalen Rose, something Pacers GM Donnie Walsh says he has no intention of doing.
Odds: 20 to 1.

Van Exel to Minnesota: The only team seemingly willing to do a straight player-for-player trade for Van Exel. But what do the Nuggets gain? Brandon has four more years left on his contract, can't give the Nuggets the offensive production that Van Exel does and has a disturbing history of injuries. On the flip side, with the T-Wolves rolling, do they really want to disrupt the chemistry? Odds: 25 to 1.

Van Exel to Portland: The AP reported that the Blazers might send Bonzi Wells, Damon Stoudamire and Dale Davis to Denver for Van Exel and LaFrentz. However, Blazers GM Bob Whitsitt says he plans to stand pat and see if his team can continue to build chemistry.

"Right now, I would say we are not going to make any trades," Whitsitt told the Oregonian. "Do we talk to teams this time of year? Absolutely. Hopefully, we talk to every team in the league. That's our job and we should do that. But unless somebody comes along with a deal that makes absolute, no-brainer sense -- and I can't remember one of those deals every falling in our laps -- we're happy with this group.

"Will we ring up a few phone bills between now and Feb. 21? Sure. We do that every year. But are we out there looking for a final piece or a specific thing? No. I think we all have needs, but we're not one piece from this or one move from that. So I would imagine we won't be doing anything between now and Feb. 21."
Odds: 30 to 1.

Van Exel to Toronto:The Raptors have a history of fleecing the Nuggets. While Van Exel would be a big upgrade at point guard, they're another team that would hold out for LaFrentz. Though they could offer a combination of guys in the last year or two of their contracts, do the Nuggets really want to be known as the minor league feeder team for the Raptors?
Odds: 30 to 1.

Van Exel to Milwaukee: The N.Y. Daily News is reporting in today's editions that the Bucks are talking with the Nuggets about a trade that would send Van Exel and LaFrentz to the Bucks in return for Tim Thomas, Sam Cassell and Joel Przybilla. Despite the fact that Thomas is a second-year base-year compensation player, the numbers work if Denver threw in George McCloud.

This trade, by far, would give the Nuggets the most value in return for their two stars. Cassell is the best bargain at point guard in the league, Thomas has the ability to play multiple positions and Przybilla is starting to come around in the middle. But would George Karl really give the green light on such a deal? If he thinks Cassell is a gunner, wait until he meets Van Exel. The key to the deal for Karl, however, may be LaFrentz. He's been looking his whole NBA career for a legitimate center who can rebound, block shots and score down low. LaFrentz is the best available guy who meets that description. But would the Bucks really give up that much for LaFrentz? We don't think so.
Odds: 51 to 1.

Portland is apparently in front according to ESPN.com http://espn.go.com/nba/news/2002/0213/1331256.html.