The Chicago Bulls reportedly have had trade discussions with the Cleveland Cavaliers, but they reportedly turned down a proposed Luol Deng-for-Andrew Bynum swap.

ESPN reported on Tuesday that Cleveland is aggressively shopping Bynum, who was suspended by the Cavaliers for one game and was exiled indefinitely from other team activities due to conduct detrimental to the team.

According to the report, Cleveland is in serious talks with the Los Angeles Lakers for a salary-dumping trade that would send Bynum back to Los Angeles in exchange for Pau Gasol. Aside from the Lakers, the Cavaliers also discussed a potential trade with the Bulls involving Deng.

The proposed Deng for Bynum swap could save the Bulls $20 million in salary and taxes this season due to Bynum's team-friendly contract.

The oft-injured center could earn up to $12.25 million this season, but only $6 million is guaranteed. If Bynum is released before January 7, the team will not pay the remaining $6.25 million for this season.

But while the trade could work for the Bulls financially considering the fact that they are not poised to make a deep run in the playoffs this season with Derrick Rose out, The Chicago Tribune reported that the Bulls officially turned down Cleveland's offer.

According to the report, the Bulls are still confident that Deng, who will become an unrestricted free agent after the 2013-14 NBA season, will re-sign with the team next summer.

Previous reports also suggested the Bulls are not willing to trade Deng for salary-dumping purposes, but they would consider dealing the 28-year-old forward to a team willing to offer a productive young player and a first-round pick.

However, teams view the Bulls' asking price as too high, considering the fact that interested teams could wait for Deng to become a free agent next summer instead of giving up a young asset and a first-round pick before the deadline.

Deng's agent Ron Shade confirmed that several teams have already expressed their interest in the All-Star forward's upcoming free agency.

Shade did not name the interested teams, but it is widely believed that the Cavaliers, Los Angeles Lakers, Dallas Mavericks, Toronto Raptors, San Antonio Spurs, Memphis Grizzlies, and the Brooklyn Nets will look to acquire the ten-year veteran in the offseason.

"Several teams have already shown a lot of interest in Luol's upcoming free agency. A lot of people are excited. A lot of people were shocked that no offer was extended to him for us to turn down and a lot of people are excited to get a chance to bid for a player like Lu, and they think it's a great opportunity to might be able to get him for nothing in return if the Bulls let him walk," Shade said in an interview with CSN Chicago.