The team is rumored to have had exploratory discussions with the Washington Wizards about trading Deng for the Wizards' No. 3 draft pick.
For the deal to work, the Wizards would have to include Emeka Okafor, who is expected to pick up his $14 million player option for next season regardless of the trade.
Deng is in his final year of the Bulls contract, which will pay him more than $14 million next season.
Chicago may be looking for a player that is younger and less expensive than Deng, despite his value on the court.
The Bulls' success next season is heavily based on whether Derrick Rose returns healthy after a lengthy injury, but even with Rose healthy the team might suffer without Deng.
The Cleveland Cavaliers also have an interest in Deng, and they have the No. 1 draft pick. The team will likely be drawn into conversations later in the week, as they discuss a potential trade with the Celtics for Paul Pierce.