Davis handed in a trade request last week as he looks to force through a move to a Championship-contending side.
The Lakers are rushing to put together a suitable package to tempt the Pelicans to part with their star man.
However, the Pelicans want to hold out until the summer so Boston Celtics and New York Knicks can join in the bidding.
“There has been no real update and no real movement,” Madison told Locked on NBA podcast.
“I think the Pelicans, as they said in their statement after Anthony Davis put out the trade request, they are taking their time.
”They are going to do what is in the best interest for their franchise and being honest that is waiting until the summer.
“They will wait until Boston Celtics can get into the bidding officially and put together an official trade package for Anthony Davis.
“I think they will also see what the Knicks end up with in the draft lottery so we are just hanging around, talking about lots of things that likely won’t come to fruition before Thursday’s trade deadline.”
The Pelicans have come under criticism recently for potentially letting their key player walk away while languishing near the foot of the Western Conference.
Head coach Alvin Gentry ranted to local media last week after his side where labelled “second class” in some reports.
“They are not happy with certain things coming out such as them being a second-class organisation,” Madison added.
“Maybe puts that little bit of pressure on to get a deal done but there is a lot of fostering in the media on both sides.
“I think they are going to dig there heels in.
“They re tired of being bullied and the owner sees this as taking a stand for small markets and something she can rally behind and the team can rally behind.
“Frankly, their fan base wants them to dig their heels in and take a stand.
“I don’t think it’s putting pressure on Anthony Davis but it’s making them did their heels in more.”