The Los Angeles Lakers only hold the last-overall pick in this year's draft at this point, and word on the street is that GM Mitch Kupchak wants to acquire a first-round pick.  Sure enough, according to Chad Ford and Marc Stein of ESPN, Kupchak is looking to get a player and a pick in exchange for power forward Pau Gasol.
Nothing has come to fruition as of now, but teams like the Memphis Grizzlies andAtlanta Hawks have been contacted by the Lakers with deals being discussed.  At 31 years old, Gasol is a scoring seven-footer who helped the Lakers win two titles. He has some decent value, despite being owed $38 million over the next two years.
Stay tuned here throughout the day, as we'll be providing the latest trade rumors and buzz around the Spanish big man's future, be it with Los Angeles or another team.

Update: Thursday, June 28 at 2:03 PM, EDT
Chris Broussard chimed in via Twitter, saying that the Pau Gasol to Houston Rocketstrade rumors are cooling off.
Is this because the Rockets now only have eyes for Dwight Howard?
Update: Thursday, June 28 at 12:44 PM, EDT
Kupchak's asking price could be putting a damper on Houston's hopes of acquiring Gasol.  In a report by ESPN's Marc Stein and Chad Ford, Kupchak wants to acquire both an effective player and a Top 10 pick in exchange for Gasol.
Thus, unless he's willing to slightly lower his demand and take just an upper tier first-round pick, it doesn't look like Houston will get the big man they so desire.  Love him or hate him, Gasol is still an effective scorer and if the Lakers are going to give him up, they at least want a player and/or pick that can fill that hole almost immediately.

Update: Thursday June 28 at 12:40 PM, EDT
Ultimate Rockets is reporting that GM Daryl Morey is still interested in acquiring Gasol, and he certainly has the right trade chips to use.  As of now, Houston has three first-round picks for tonight's draft: the 12th, 16th and 18th selections.  With so many teams needing help, it'd be hard to say no to a team offering both one or more picks in exchange for a player with a hefty contract.
The Rockets could definitely use the addition of a solid veteran, so this could be a rumor to watch over the next few hours.
Update: Thursday June 28 at 12:22 PM, EDT
The Memphis Grizzlies have jumped into the pool of teams interested in Gasol, but their deal is a bit puzzling.  Rather than offer a better trade chip in Rudy Gay, Peter Vecsey of the New York Post is reporting that Memphis is offering a horse of a different color:
Screenshot2012-06-28at12

Though Randolph has his strengths, he also takes size away from the Lakers and leaves them without any athleticism whatsoever.  Sure, it'd be cool to see Gasol return to the team that made him a star, not to mention the fact that he'd be playing alongside brother Marc, but it just isn't worth it for the Lakers.  Memphis doesn't have a good draft pick to offer and unless they're offering Gay along with it, there's no way Kupchak should pull the trigger.

Update: Thursday June 28 at 12:10 PM, EDT
Mike Bresnahan of the Los Angeles Times is reporting that after discussing Gasol with the Lakers, the Atlanta Hawks are ready to offer Josh Smith, who has wanted a new team for a while now.  Smith is definitely a great player to have on any team, but Bresnahan was quick to point out how the Lakers would immediately be at a disadvantage if the trade did indeed go through.
If the Lakers struck a deal with Atlanta, they would lose the height advantage that made them one of the longest teams in the NBA — Smith is 6'9", three inches shorter than Gasol—but would instantly become more athletic.
Bresnahan is absolutely right, as Smith does take some size away from the Lakers.  But that's a hit worth taking.  The team needs a powerful presence at power forward, someone who will crash the boards frequently and be aggressive.
Seeing as how Smith is a streaky scorer whose greatest strength is his defensive intensity, this is a deal that could open lots of doors for the Lakers even if the draft pick involved is the 24th overall.