When is the NBA trade deadline?

Chicago Bulls forward Jimmy Butler looks on during the second half of an NBA basketball game against the Atlanta Hawks, Wednesday, Jan. 25, 2017, in Chicago. The Hawks won 119-114. (AP Photo/Kamil Krzaczynski)

The NBA trade deadline is Thursday at 3 p.m. ET, and many teams are engaged in discussions about potential deals. 

The biggest trade of the season went down on Sunday, when the Kings traded DeMarcus Cousins to the Pelicans in exchange for a package including Buddy Hield, Tyreke Evans, and a protected first-round pick. 

The Celtics are rumored to be in discussions with the Bulls over a trade that would send Jimmy Butler to Boston, a move that would position the Celtics as a legitimate challenger to the Cavaliers in the Eastern Conference. 

Trade Grades: Pelicans Fleece Kings, Land DeMarcus Cousins in Blockbuster

The deadline represents the last opportunity for contenders to strengthen their teams through a trade and for rebuilding franchises to unload salary and accumulate future assets.

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