The Chicago Bulls and the New York Knicks are reportedly discussing a blockbuster deal before the February 20 trade deadline. According to Hoops Nation, both teams are in talks for a possible deal on incoming free agent small forward Carmelo Anthony and a handful of players.

With the possibility of Anthony leaving the Big Apple becoming bigger, the Knicks are reportedly all set to pull the trigger on what could be a colossal deal. A source told Hoops Nation recently that the Bulls are already preparing a package that consists of Carlos Boozer, Kirk Hinrich, Jimmy Butler, Tony Snell and possibly a first round pick to the Knicks in exchange for Anthony, Iman Shumpert and Raymond Felton.

"The report states that the Bulls would be giving up Carlos Boozer, Kirk Hinrich, Tony Snell, Jimmy Butler, and likely a first round pick as well. In return, Chicago would receive Carmelo Anthony, Raymond Felton, and Iman Shumpert," Hoops Nation reported.

Anthony, who is averaging 27.1 points, 8.6 rebounds and 3.0 assists per game this season, has already expressed his intentions to test the free agency market this summer. Reports indicated the Los Angeles Lakers and the Bulls are two teams that have interest in signing the high-scoring forward, though the Knicks remain in play to retain him.

However, high-ranking officials in the Knicks' front office are reportedly not sure if they can re-sign Anthony in the offseason after having another frustrating season. Despite the acquisition of key pieces through trades and free agency signings, the Knicks are barely a playoff contender, currently standing with a 20-31 record.

On the other hand, the Bulls have surprisingly kept themselves in the playoff mix despite losing Derrick Rose to another season-ending knee injury and Luol Deng in a money-saving trade to the Cleveland Cavaliers. Led by All-Star center Joakim Noah and the improved play of Taj Gibson, the Bulls boast a 25-25 record midway into the season.

The source said the Bulls and the Knicks are still trying to talk about the exact trade packages both teams want. The Knicks could still demand the rights of Nikola Mirotic, or perhaps Gibson, if they want solid compensation for letting Melo walk away.

"Once again, the two sides are discussing a deal that they are hoping that they can figure out before the trade deadline. There are many complications that the two sides are trying to work through, including what the Knicks want exactly in return. In addition to the players involved, the two sides will have to agree on the picks that will be involved as well," Hoops Nation reported.