According to HoopsWorld, Juan Carlos Navarro is close to becoming a member of the Heat.
I haven't heard this anywhere else, so I'm still a little skeptical. I'm also personally not a huge fan of HoopsWorld -- their articles add little insight to me, and their rumors aren't always correct. It's also purposely vague on the exchange (what the hell does "other considerations mean"). Still, it's out there somewhere.
I need to go put on my sad face now. Hopefully, this report is wrong or incomplete.
Update [2007-7-20 13:53:22 by Pradamaster]: Ivan posted a blog about this, and it seems like this saga is far from over. That's a nice relief. Also, he clarifies the JCN situation, which I incorrectly summarized in the comments.
Bottom line: something is going to get done one way or the other pretty soon. One thing to keep in mind is that Navarro could just say: "forget it" and go back to F.C. Barcelona. In that case, the Wiz would lose any chance of getting something for him. He may not get that sweatheart buyout option ever again.