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This article says that assuming Peppers is tagged by the Panthers he has made a list of four teams he would accept a trade to, and the Packers are not on that list.
I find it interesting that the Cowboys are one of the teams in his four, since he and his agent most know that since the Cowboys do not have a 1st round pick the chances of him landing there are next to none. That leads me to believe that maybe all four teams on the list can't give the Panthers what they would require in return and this is simply a ploy to prevent the Panthers from tagging him by making the deal to those teams impossible.
I would also assume that his list if he hit the open market would be much larger than 4...
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