The Pacers "continue to have a great deal of interest" in acquiring a shooting guard, according to Bill Ingram of HoopsWorld. However, Indiana isn't inclined to break up the core of its roster to bring in a two guard.
O.J. Mayo was nearly traded to Indiana at last year's deadline, and the Pacers maintain interest in him, but the Grizzlies don't appear likely to move the USC product this season. If Memphis makes a deal, it will likely be a smaller move designed to get the team below the luxury tax line.
According to Ingram, the Pacers also have some interest in Courtney Lee, whose agent would like to relocate his client to a team where he might sign an extension. The Rockets, who should clear a good deal of cap space this summer, don't appear to have much interest in bringing back most of their players on expiring contracts, including Lee. Still, Houston figures to ask for a young player or a draft pick for Lee, a price Indiana may not want to pay.
The Pacers have a huge amount of cap space they could use to facilitate a deal, but with no obligation to spend to reach a salary floor, Indiana won't make a trade just for the sake of it. For what it's worth, Danny Granger and other Pacers players don't believe the team needs to make a deal, as Granger told Joel Brigham of HoopsWorld.