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According to a league source, the Chicago Bulls are discussing internally whether or not to include Joakim Noah in a deal for Carmelo Anthony.

The Bulls have offered the Nuggets Luol Deng, Taj Gibson, and James Johnson, but the Nuggets are hesitant to take on Luol Deng's long-term contract especially when the collective bargaining agreement is expiring June, 2011. Deng is only two years into a six-year, $71 million contract.

So for the Nuggets to trade Carmelo, the Bulls think they may need to add Noah to seal the deal. Noah will make only $3.1M in his fourth year and is becoming a restricted free agent next summer.

If the Bulls do extend Noah and then trade him, the deal wouldn't make sense for them because they wouldn't get a starting center in return. Nene Hilario, starting center for the Nuggets, will make $11.3M this season, and the Bulls cannot take in his contract as well as Melo's.
The smartest move for the Bulls would be to wait because even if they do not include Noah, their offer to the Nuggets would still be better than any other team's.