Based on some info being provided by Adrian Wojnarowski looks like Wilson Chandler is not going to be a Raptor and will only have a chance to return to the Nuggets
@WojoYahooNBA-The China Basketball Association has refused to give Wilson Chandler a letter of clearance to play immediately in NBA, sources tell Yahoo!
Chandler has filed an appeal that could take up to a week to get him free to sign. That would go past the March 1st deadline for a RFA to sign with another team. So that puts the Raptors out of the mix assuming they were even in the mix at all. Most felt Chandler was visiting Toronto as a play on his part to get a better deal with Denver.
Regardless that fact he will not be able to sign an NBA Contract prior to March 1st will make that a moot point it would appear. He may just sign for the rest of the season and become an RFA again after this year. So for now the Raptors are out. They still could be in if Chandler and only if Chandler does not come to terms on a long term deal with the Nuggets.
Update Feb 28th: This ongoing saga or maybe it just seems that way has taken another twist or is it a turn? Wilson Chandler now has the green light to sign an NBA Contract and has until Thursday to make that with another team not named the Nuggets. So that puts him back in play for the Raptors. There has been talk that Raptors are looking to move Barbosa to free up more cash to offer a contract that Denver would in effect be unable to match. It is currently believed the Raptors could only offer 4.2 million where the Nuggets would have 4.6 Million to over given both teams respective Cap Situation.
According to Chandler's agent he is only interested in a long term deal and if he doesn't get one he would sit out the rest of the year and could go to Italy and play in the spring and be ready to return to the NBA next season as an RFA. Here is a story from the Denver Post that contains more info.