UPDATE: Wednesday September 29th, 10:30pm (pst):
As of 8pm pst the Panthers are listening to the Packers and the two sides are still talking players & picks, but the Panthers want to see what happens with their next 2 games (against the Saints and Bears). If they lose both games, the Panthers would be 1-5 and a deal is likely to happen IF the two sides (the Packers & Panthers) can (1) agree on compensation and (2) the Packers can sign Williams to a new deal that would keep him a Packers beyond the 2010 season according to a source with knowledge of the situation. The dialogue is good and going in a very positive direction.
Keep an eye on James Jones during these trade discussions as a possible trade chip. The Panthers need another WR opposite of Steve Smith (and would allow them to move Branden LaFell to the slot when they go 3 wide) and Jones could be a key figure in a potential Williams deal.
NOTHING is eminent regarding Williams or Marshawn Lynch for that matter. The Bills want a starting offensive lineman (a tackle to be specific) and a 2nd round pick for Lynch. That's a steep price to pay for Lynch who has a well documented off the field history. I was told by a source with knowledge of the trade talks that if the Packers were to pay that high of a price for a player it would be for Williams who has no character issues and has a reputation of being a great teammate and a smart football player.