I don't think Denver would consider it. Too talented and too important a player for their side to give up in a salary dump. I don't think their ownership would force them to do that, not when they are so close to a title.
Actually, it looks like their owner will green light a small bit of spending this summer (on a FA big man) so that makes me doubly doubtful of Denver's willingness to let JR leave.
I would have been a lovely acquisition though. Always been a fan of JR Smith's game.