Adrian Wojnarowski of Yahoo Sports reports:

Lowry has wanted a trade for most of the season and the Raptors became more motivated to move him after acquiring point guard Greiveis Vasquez in a deal with the Sacramento Kings.

And regarding Lowry going to the Nets:

Toronto officials have been scouting and calling European contacts on Bojan Bogdanovic, a 24-year-old shooting guard with whom the Nets own the rights, league sources told Yahoo Sports.

Apparently Brooklyn has resisted including their 2020 first round pick (the soonest one they can trade), possibly because they think they will be able to draft flying robots by that time.

http://sports.yahoo.com/news/knicks-pursuing-trade-for-kyle-lowry-204933654.html

[Update]

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