It's unclear if the restraint is coming from Milwaukee's unwillingness to part with Ellis or Atlanta's lack of interest, but the report is a departure from earlier rumors suggesting Atlanta was targeting Ellis in a deal with the Bucks.
This latest rumor falls somewhat in line with reports that Atlanta's push to move Smith may be weakening:
One exec involved in talks w/ATL for J Smith now saying "50/50 chance he gets traded." That's a downgrade from yesterday.— Chris Broussard (@Chris_Broussard) February 21, 2013
With no clear deal having been discussed to the knowledge of most, it's impossible to say why trade talks have died down for Atlanta's free-agent-to-be. There was logical speculation that Milwaukee was interested in acquiring Smith without parting with Ellis or Brandon Jennings, as Smith had expressed interest in signing an extension to play with the pair. But there was never any strong evidence suggesting Bucks GM John Hammond was taking those reports into consideration.