The Bobcats are close to landing Tyrus Thomas in a deal with the Bulls that would send expiring contracts and a future protected (according to Ric Bucher) first round pick to Chicago, a person with knowledge of the situation told CBSSports.com.

A source told Yahoo! that a deal between the Bulls and Knicks for Thomas is now considered a longshot.

Update: Yahoo! reports that Acie Law and Flip Murray will be the two players sent to Chicago for Thomas if this deal is finalized.

Update No. 2: Yahoo! reports that this deal has now been formally agreed upon.