At least based on the yahoo sports piece discussing the breakup, the Bulls don't appear to be in the running:
The Nuggets made it clear to teams they want young players and draft picks for Anthony, league executives said. The New Jersey Nets and Los Angeles Clippers have emerged as the two most probable destinations for Anthony because they have assets that appeal to Denver. The geography works for Anthony because of his wife LaLa Vazquez's entertainment career.
Golden State and Houston are contenders, too. What's more, the Charlotte Bobcats are a sleeper because of Anthony's Brand Jordan shoe deal and the team's ability to give the Nuggets a salary-dump proposal.
Well, as I've long said, the Bulls simply don't have the pieces to get a deal done. Would the Clippers give up Blake Griffin for Melo? The Nets are likely willing to give up on Favors, and it probably takes Griffin to trump that deal if the two are in the running.
The Bobcats idea is completely assinine unless the Nuggets just want out with no talent at all. They have nothing to give up. Even their draft picks are on hold because the Bulls own a five year protected pick which means they can't give them a draft choice until two seasons after the Bulls collect theirs.
Golden State has some players (Ellis, Curry), but I don't think they've got a ton to offer either.
Houston has a host of middling assets and picks to offer and plenty of decent players, but no sure fire stars, though it'd be highly amusing if they traded all the junk NY gave them just to take on Jeffries in order to get Anthony simply because NY would have lost out on him due to their pursuit of James indirectly.
Most of the time in these cases, you know you're not going to give up equal value in terms of getting that star player, but there typically needs to be one marquee piece on the table from a team to get something done. NY Picks (Hou), Favors (NJ), Griffin or Gordon (LAC), or Curry (GS) seem to be the 'young talent' available from these teams.
Could the Bulls get involved? Well so far we haven't seen them connected on Melo's list, however we know New York is on the list and the Knicks weren't mentioned here either. If something gets done then it's likely that Luol Deng needs to go to a third team to offer Denver more salary relief.
It's hard to find the trade that really fits in this case. Would the Bobcats give up Dampier for Luol Deng to help the Bulls get Melo? Would the Mavericks get involved and give up Caron Butler for Deng to facilitate expirings? If either team is interested in Melo then they'd probably rather get involved for Melo than Deng. There's probably other teams out there, but the same type of thing applies.
Still, interesting to see that Melo is likely on his way out. I'd like the Bulls to get involved even though I think it's generally not likely they can make the best offer, so I won't be upset if it doesn't happen.