Portland was offered Pau Gasol for LaMarcus Aldridge, Sergio Rodriguez and Jamaal Magloire's expiring contract, according to New York Post beat writer Peter Vescey.
Vescey writes that it's unknown whether the Trail Blazers are receptive, or even if a counteroffer was solicited.
The Bulls still appear to be the most likely destination for Gasol, mainly due to their many desirable, exchangeable pieces.
Vescey believes the Bulls must include one of Luol Deng or Ben Gordon as a key piece, plus one of Andres Nocioni, Kirk Hinrich, Tyrus Thomas or Thabo Sefolosha in addition in addition to a first-rounder in the '08 or '09 draft, not this June. Hakim Warrick would also be included from Memphis' end.
"Jerry definitely thinks he can get what he wants from Chicago," underlines an executive familiar with the proceedings.