Last summer, the Portland Trail Blazers forward’s talent was still measured in potential as he prepared for free agency after another promising year. Now Outlaw has vaulted himself into the Blazers’ core.

He is one of their most effective fourth-quarter performers, and his potential excites his coaches and Blazers management.

But like many of his teammates, other teams have taken notice of Outlaw’s development. Trade rumors have made their way back to Outlaw in his offseason home in Mississippi, mostly from friends reading reports on the Internet.

It has left many to wonder if Portland will be willing to sacrifice one of its rising talents in order to take the next step in its development, and whether that risk is worth taking.

“I know it’s a business, so, I’d probably have to make the best of it,” Outlaw said of a possible trade. “I couldn’t say I would be mad at them, because you’ve got to do what’s best for your business.”

And that is the key question as the NBA Draft approaches: What is best for the Blazers’ business?

Portland is widely expected to entertain trades for their No. 13 selection, and their roster is loaded with tradeable assets to package in a deal.

Young stars such as Outlaw hold exciting potential and have attracted other teams. Players such as Martell Webster and Channing Frye showed flashes of brilliance last season, fueling speculation that they are on the brink of a breakthrough.

And with five players holding contracts that expire after next season, many of Portland’s young stars carry little long-term risk.

But many of those players have been key to the Blazers’ current success. While speculation has run wild that the Blazers will look to acquire a veteran — possibly a point guard — the reality is that Portland will have to give up something good in a trade to get something valuable in return.

And because so much of the team’s young talent may be ready to turn significant corners in their careers, Blazers general manager Kevin Pritchard admits there is a fair amount of risk in making any move.

“My risk is that we don’t stand pat,” Pritchard said. “The key is, do I stay on the path? Or do I throw a complete monkey wrench into what we’ve done to mess up this path?”

Pritchard hasn’t been known for doing either in his short time with the Blazers, particularly on draft day. His previous trades look like brilliant maneuvers in hindsight, from dealing

Zach Randolph to clear salary cap room and roster space for power forward LaMarcus Aldridge, to shedding Theo Ratliff and Sebastian Telfair in exchange for the draft rights to All-Star Brandon Roy.

But the stakes are higher now: The Blazers are no longer a losing franchise and appear poised to break into the playoffs next season. Likewise, many Blazers who appear to hold the most trade value have shown mouth-watering potential:

Webster posted his first double-digit scoring average (10.7 ppg) last season while starting 70 games at small forward. If he improves his ball handling this summer, coaches believe he could develop into a multi-faceted offensive player and solid wing defender.

Frye finally found his comfort zone late in the year and finished with three double-doubles in the season’s final five games, during which he averaged 16.2 points and 10.2 rebounds. His 6-foot-11 frame and perimeter shooting skills are a coveted blend, and his strong finish suggested that he may finally be pulling those skills together.

And of course there’s Outlaw, who was listed on 11 ballots for the NBA’s Sixth Man of the Year award and even received a first-place vote for Most Improved Player after averaging career highs for scoring (13.3 ppg), rebounding (4.6 rpg) and 3-pointers made (40).

The Blazers insist they are not shopping Outlaw, but that has not stopped the rumors. Blazers radio play-by-play announcer Brian Wheeler even reported one rejected trade offer from Memphis — Outlaw and the 13th pick for veteran Mike Miller, a former Sixth-Man of the Year — on his radio show last month.

The Blazers do not comment on trade rumors. But they also have not refuted suggestions that at least one of their young stars could be traded this summer.

“You look for ways to improve yourself in the future,” said Nate McMillan, who added that none of his players should consider themselves untouchable. “So, our plan is to add Rudy (Fernandez), add Greg (Oden) if everything works out, and then look at our weaknesses. Where were we weak at? And how do we strengthen that? And then try to do that.

Maybe we do that through free agency. Maybe we do that through the draft, or trade. But that’s what you’ve got to do, each team.

“And do we make a mistake? I think the thing is you’re looking to improve, you’re looking to continue the direction.”

But which is the best route?

On one hand, Pritchard has said the Blazers can stick with what they have and still improve next year. At the same time, trading for a veteran point guard could be the boost Portland needs to virtually assure them of a playoff berth next year.

Between the two possibilities, the Blazers will have to determine whether they stand to lose more from a trade in the long term than they might gain.