The Toronto Raptors explored a trade for New Orleans Pelicans forward Trey Murphy III before ultimately bringing Kawhi Leonard back to the franchise.
NBA insider Brett Siegel revealed on the Clutch Scoops podcast that Toronto contacted New Orleans ahead of the 2026 NBA Draft to determine what it would take to acquire Murphy.
"They had interest in Trey Murphy III," Siegel said. "And so they reached out to the Pelicans to ask about him and what the price would be."
However, the Pelicans' asking price proved too expensive for Toronto.
"The Pelicans were not willing to take less than multiple first-round picks, including what would have been the Raptors ' first-round pick this year that they ultimately used to select Allen Graves," Siegel explained. "And so that wasn't something the Raptors wanted to do. They did not want to sacrifice their future draft picks to go out and get Trey Murphy."
Toronto eventually went in a different direction.
The Raptors acquired two-time NBA Finals MVP Leonard from the Los Angeles Clippers in exchange for Brandon Ingram, Gradey Dick, unprotected first-round picks in 2031 and 2033, a 2027 first-round pick swap, and second-round picks in 2030 and 2033.
The Leonard deal had initially been agreed upon at the end of June but was delayed while the NBA completed its investigation into the LA Clippers and Leonard over salary-cap circumvention.
Trey Murphy remains a coveted trade target
Although Toronto ultimately landed Leonard, interest around Murphy has not disappeared.
NBA reporter Evan Sidery recently reported that Murphy is currently the "most coveted player" among rival teams looking ahead to potential midseason trades.
"The Pelicans shut down aggressive trade offers this summer from the Pacers, Pistons, and Warriors," Sidery reported. "If New Orleans starts off slow, contenders will be calling yet again."
Murphy is coming off another productive season in New Orleans. The 26-year-old, 6-foot-8 forward averaged 21.5 points, 5.7 rebounds, and 3.8 assists across 66 appearances in 2025-26.
Despite eventually choosing Leonard as their major addition, Siegel suggested Toronto could remain worth watching in the Murphy market.
"I would expect them to be in the market for Murphy, but you never know," Siegel said. "Maybe something transpires over the course of the next few weeks."