Chad Ford is reporting that a deal is in place between ... well, I'll just quote him:
The Clippers and Sonics have agreed to swap picks as long as the Wolves take O.J. Mayo at No. 3. If Mayo isn't drafted at 3, the deal is off according to two sources close to the information.
According to Ric Bucher (also of ESPN), the pick will be in 2009. and will be subject to restrictions.
UPDATE: Percy Allen at the Times quotes sources at the Sonics saying this deal is, in fact, a fabrication. So, in the words of Gilda Radner, "Never mind."