However, the surprisingly late free agency compensation pick the Demons received for losing Jared Rivers to Geelong and Brent Moloney to the Brisbane Lions - which was mitigated by their acquisition of Shannon Byrnes from Geelong - could delay the completion of those trades, with the possibility Melbourne may need to involve additional clubs to satisfy the Roos and Saints' demands.
AFL.com.au reported earlier this month that Pedersen was likely to become a Demon in exchange for a second round pick in this year's NAB AFL Draft.
Gillette AFL Trade Tracker
Having committed their second-round pick (No. 27) to father-son draftee Jack Viney and used picks No. 21 and 48 to secure Chris Dawes from Collingwood, the Demons intended to use their free agency compensation pick to complete the Pedersen deal.
The Demons had expected that pick would fall in the second round and were disappointed when the AFL announced on Friday evening that they would only receive pick No. 49.
The Age reports the Roos may accept pick No. 49 for Pedersen, the mature-age recruit who won North's best first-year player award in 2011 but played just two games this year, but is likely to wait to see whether Melbourne can deal for an earlier pick from another club.
North's reluctance to finalise a Pedersen deal straight away is tied in with its attempts to satisfy Port Adelaide's trade demands for 2010 first round draftee Ben Jacobs.
The Roos currently hold two second round picks, No.38 and 39, that could be used as part of the trade for Jacobs - it has also been speculated out-of-favour small forward Matt Campbell could also be part of the deal - but St Kilda and Essendon are also interested in the skilled left-footer and hold earlier second round picks.
Melbourne's Stefan Martin might become involved in the Pedersen deal, with AFL.com.au revealing on Friday that the Brisbane Lions are interested in the versatile big man.
Ray remains contracted to the Saints for 2013 but the Herald Sun reports he is likely to join the Demons after playing just 11 games this year under new coach Scott Watters.
Trade Machine
The No.4 pick in the 2003 NAB AFL Draft spent the first five seasons of his career at the Western Bulldogs before playing in St Kilda's 2009-10 Grand Final teams.
The No.8 pick in that same draft and fellow Saint Raphael Clarke is hoping to find a new home after being overlooked by clubs in the free agency period.
Clarke attracted interest from Carlton and Greater Western Sydney, but remained unsigned when the free agency deadline passed at 5pm on Friday.
Clarke's manager Tim Hazell said a few" clubs were showing interest, but both the Blues and Giants had cooled on the 27-year-old.
"We're hoping that something can get done this week," Hazell told AFL.com.au on Saturday.
"There's a little bit of interest out there."
St Kilda has said it will wait until the end of the trade period to decide whether to offer Clarke a new deal.
But Hazell said his client's preference was to move on.
"There's a slight chance he might stay at St Kilda, but that's a bit of a longshot at this stage," he said.
"After nine years, he's wanting a fresh start."
Clarke played only three senior matches in 2012 after battling a calf injury early in the season.
Meanwhile, the Western Bulldogs are expected to secure onballer Koby Stevens from West Coast before the end of trading, but The Age reports the Eagles are seeking pick No.44 but the Dogs are currently only prepared to offer pick No.51.
And the Sydney Swans' attempt to snare Adelaide forward Kurt Tippett continues to drag on, with the Herald Sun reporting the Crows "mysteriously" backed out of an expected deal involving the Swans' first round pick, No.23, and forward Jesse White on Friday.
