McGrady to the Bulls?

The hot rumor of the night has Houston forward Tracy McGrady being traded to the Bulls for a package of players built to balance out salaries. The Bulls would likely be moving players such as Kirk Hinrich, John Salmons and / or Brad Miller in the deal.

What is in this for the Bulls seems immediately obvious. They are currently sitting in the eighth position in the Eastern Conference and get a player who can significantly upgrade their offense for the remainder of the season to try and improve their playoff standing. They also get an expiring contract worth $23M in 2009.

What Houston gets out of this isn't as straightforward. They certainly would like to be out from under the remainder of McGrady's contract this year. They also seem to feel they are a better team without McGrady in the starting lineup -- and McGrady is obviously not happy coming off the bench with his history. However, it seems as though there should be a better deal available to Houston than Hinrich and either Miller or Salmons.

Hopefully, this rumor has legs. It both helps the Bulls this year and also helps set them up for the coming FA class.

One of the regrettable chapters in recent Bulls history was the failed free-agent pursuit of 2000.

The No. 1 target was Toronto's Tracy McGrady, who was met at O'Hare Airport by mascots, Luv-a-Bulls and a three-piece band playing "Sweet Home Chicago."

It was all for naught as McGrady chose Orlando. Nearly 10 years later, the Bulls may get another chance.

McGrady recently left the Houston Rockets and both sides reportedly will seek a trade. Sources suggested the Bulls are open to acquiring McGrady, who is just 30 years old.

The 6-foot-8 swingman is the NBA's highest-paid player at $23.2 million, but his contract ends after the season. A trade with the Bulls would almost have to include the expiring contracts of Brad Miller and Jerome James.

The Bulls might also be interested in moving John Salmons to guarantee a larger amount of cap space next summer. He's owed $6.5 million next season but has an option to terminate the deal and become a free agent.

Without Salmons on the payroll, the Bulls could have more than $20 million to spend on the 2010 free-agent class.

The Bulls also have had dialogue with Houston regarding McGrady but, barring getting a third team involved, probably don't have the right parts for the Rockets. The Bulls are looking to unload one long-term deal.

"We're always looking to improve our team while keeping our flexibility moving forward," Del Negro said.

League sources said the Bulls have offered Brad Miller, Tyrus Thomas and either Kirk Hinrich or John Salmons to the Rockets for McGrady, who has been granted a leave and is training in Chicago.

The Rockets have shown little interest in either Hinrich or Salmons and thus, sources said, the Bulls have tried to recruit a third team to get involved. It's also possible the Bulls have made another unknown offer with a player replacing Hinrich or Salmons to the Rockets.

Some league sources believe the Bulls' offer is emerging as the front-runner as the 2 p.m. Thursday trade deadline looms.

Separately, as reported, the Knicks, Spurs and Nuggets have made bids for Thomas.

The Houston Rockets, in an abrupt late twist to their long-running efforts to trade Tracy McGrady, have an agreement in place with the Sacramento Kings to acquire coveted guard Kevin Martin, ESPN.com has learned.