According to ESPN's Stephen A. Smith, the Denver Nuggets will send Allen Iverson to the Pistons for Chauncey Billups and Antonio McDyess. It is also being reported on RotoWorld.com, through The Boston Globe's Celtics Blog.
The trade would shake up both teams considerably and it is rare that a deal like this gets done only a week into the season.
It seems like a good move by both teams. The Nuggets get more of a distributor in Billups to work with Carmelo Anthony and add a post-presence and bench player in McDyess who will have an impact. The Pistons get a scorer who will be free to take a lot of shots, as he did in his days in Philadelphia.
Update, 12:07pm: ESPN is now reporting that Cheikh Samb will also be sent to Denver as part of this deal.
Update, 1:10pm: It looks like the Nugs won't get the bench player and post-presence in McDyess, as it's likely he will be waived by Denver because he'd rather retire, according to sources.