David Stern says there’s no timetable or concrete plans, but he’d like to see it someday:
“There’s some good possibility over the course of many years, that if there’s appropriate arena development in Europe, there could be actual NBA franchises in Europe,” [David Stern] said. “That’s the way we see the development of basketball in the world.”
The logistics of transatlantic flight would seem to me to make it impractical for European and North American teams to play against each other on any kind of regular basis, so I’m not sure what “actual NBA franchises in Europe” would amount to. Personally, I’d like to see more of the ethic of European basketball (and soccer) brought to the US — no salary cap, promotion/relegation, transfer fees, all that good stuff.