Whether Peja stays or goes is debatable with regards to his value to the current team and his open market value in the league. There is almost noone in the league that can be considered of even value for Peja. With that said, the Kings presumably would be looking for someone from the eastern conference, who does what Peja lacks, and that doesn't have a bad contract they would have to eat. I've browsed through many of the trade ideas that involve unaquireable players(Carmelo, KG, AK-47, etc...) and the list of has-beens(Rose, Marshal, etc...), but I haven't noticed a couple names that could make sense.
How about Peja to Atlanta for Al Harrington and Kevin Willis? At 10-40 their season is done and picking up Peja would give them the outside shooting that they lack. Harrington is suffering from knee tendinitis right now but will return following the all star break. His athleticism and rebounding would help Chris and Brad around the boards. Willis would add the veteran minutes that are necessary in the playoffs when the kings bigs get into their inevitable foul trouble.