The Brooklyn Nets are prepared to trade for Los Angeles Lakers big man Jordan Hill, according to Adrian Wojnarowski of Yahoo Sports. Brooklyn can fit Hill into the disabled player exception they were awarded after Brook Lopez was ruled out for the remainder of the season and can offer the Lakers financial relief, but reports indicate Los Angeles is exploring options besides Brooklyn.

Update (4:35 p.m. ET): ESPN's Marc Stein reports that the Cleveland Cavaliers have jumped into the fold and are the main contenders with Brooklyn to acquire Hill from the Lakers.

The Phoenix Suns have also engaged in talks about trading for Hill, according to Wojnarowski. The Suns have held negotiations with the Lakers about the availability of Pau Gasol previously and could potentially offer more than the Nets in exchange for Hill. Phoenix holds multiple 2014 first-round draft picks they could send to the Lakers in exchange for a frontcourt player.

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The Lakers and Dallas Mavericks have also discussed a Hill trade, reports ESPN's Dave McMenamin. It's unclear what the Mavericks would be willing to offer in a trade, or what the Lakers would demand from Dallas.

Brooklyn has already completed a trade, acquiring shooting guard Marcus Thornton from the Sacramento Kings, and is reportedly wiling to take on the luxury tax hit by trading for Hill as well. The Lakers appear to be holding discussions with multiple teams as they seek out the best available offer prior to the Feb. 20 deadline.