According to Coro, regardless of whether the Warriors deal goes through, the Suns are unlikely to move Wallace for Chandler. Not because the Hornets are not interested, but because the Suns would rather buyout Wallace themselves and save the money rather than improve the center position.
http://www.azcentral.com/sports/suns/articles/2009/06/26/20090626sunsnb.htmlIt does not appear that a Ben Wallace-for-Tyson Chandler deal will come off for the Suns.
The Suns can save millions by working out a buyout with Wallace while acquiring Chandler would add another year of salary.
However, acquiring Andris Biedrins in the potential deal with the Warriors also would lessen the chances.