New Orleans could look to flip the No. 4 pick in the 2019 draft in a move for Beal, or another player, according to The Athletic.
The 24-year-old averaged 21.4 points and 8.7 points per game with New Orleans this season.
New Orleans insisted the 22-year-old guard be a part of any deal between the two teams, but the Nuggets felt that price was too steep.
The Lakers sent Brandon Ingram, Josh Hart, Lonzo Ball and three first-round draft picks to the Pelicans in exchange for Davis.
Tatum said in January when there was speculation he could be traded for Davis: "Yeah, I'd trade me too for Anthony Davis."
The Pelicans just pulled off the first blockbuster deal of the summer, and it could have a major impact on the NBA this coming season.
Lakers superstar LeBron James is ready to play with Anthony Davis in Los Angeles.
"We want to be in L.A.," Ball said in February. "But if he's traded, I don't want Lonzo in New Orleans."
The Pelicans acquired a staggering amount of young assets from Los Angeles and have the No. 1 pick in next week's draft.
The Pelicans caved and sent Anthony Davis to the Lakers for a huge assortment of assets.