This is kind of a non-story that sounds like a story.
Of course the Bulls have discussed whether to give up Noah or not, but we don't actually know the results of the discussion. I've discussed the same thing with Bulls fans for months, so it's no surprise that the thought crossed the mind of management.
If the story was, "Bulls offering Noah for Anthony" then that'd be a story. Bulls thinking about whether they should offer Noah for Anthony is merely them doing their job (well actually offering him might be simply doing their job as well).
From a salary perspective, Luol Deng is still going out in this (theoretical) trade to make things work financially, either to a third team, or to the Nuggets. When you weigh the salary out, you've got Deng who's making about 12.5 million a season for the next four years and Noah who's likely going to make 11+ per season for 6 years starting next summer.
You're basically locked in for four years of those two guys at around 23.5 million a year. Carmelo, with an extension, probably runs you around 20 million a season (I think it's a shade less), so basically from a team building perspective you have Carmelo Anthony and 3.5 million dollars to spend on an unnamed player or you have Noah and Deng, which is better?
Also, you have to wonder if getting Anthony would increase our likeliness to spend into the luxury tax area. If yes, we'd have a tighter group of talent and an easier team to improve going forward.
I still don't think this is relevant for several months. Denver has no incentive to trade Anthony to Chicago prior to the season starting and plenty of incentive to wait until the deadline and see where Deng is at.