The Chicago Bulls sent a strong signal to the league that they are entering rebuilding mode after trading veteran forward Luol Deng to the Cleveland Cavaliers for future picks and Andrew Bynum.

Trading Deng helped the Bulls save more than $20 million in salary and taxes this season, while also acquiring future picks that could turn into gems in the next few seasons.

Bulls vice president John Paxson recently hinted that more moves could be in sight for the rebuilding Bulls.

One of the possible moves that they will likely make to put themselves in a very desirable position financially is parting ways with another key piece -- veteran power forward Carlos Boozer.

Recent rumors suggested that the Bulls will use their amnesty clause on Boozer, who is set to receive $16.8 million in the final year of his contract next season.

Getting the $16.8-million salary of the 32-year-old forward out of their books will give the Bulls additional cap space to sign another superstar next to Derrick Rose, but Paxson shrugged off the talks about Boozer, saying that they have yet to make a decision whether or not to amnesty the 12-year-veteran.

"Everybody knows that we have the amnesty clause available to us. And it's a decision that will be made but it's not being made today," Paxson told ESPN Chicago. "It will be made at some point, but you can't do it now if you want to do it."

Aside from releasing Boozer, the Bulls are also expected to become sellers before the deadline.

Recent reports suggested that veteran point guard Kirk Hinrich could be on his way out of Chicago.

The Golden State Warriors, who have been shopping for a backup to star point guard Stephen Curry, have expressed strong interest in acquiring Hinrich.

Sources added that Golden State's desire to trade for Hinrich could be accelerated, knowing that other teams might get into the picture as the deadline approaches.

Parting ways with Boozer and Hinrich would give the Bulls' young players such as Taj Gibson, Jimmy Butler, Tony Snell, and Marquis Teague a better opportunity to improve while the Bulls are waiting for the return of Derrick Rose.

The Bulls are expected to add more young players in the coming seasons using several picks they acquired from recent deals. They will get the Sacramento Kings' first-round pick that is top 10 protected in 2014 and top 12 protected from 2015-17, Charlotte Bobcats' 2014 first-round pick that is top 10 protected, their own first-round pick next year, and second-picks of the Portland Trail Blazers in 2015 and 2016.