Melo opts out, eyeing Bulls

Carmelo Anthony will end his contract with the Knicks and explore other options, according to multiple reports that state he will opt out of the deal by today's deadline.

Since declaring he wanted to test free agency a day after the Knicks' season ended in April, suitors for the 30-year-old included Miami, Houston and Chicago. But the Bulls have become the front-runner as indirect contact between the two sides reportedly continues to grow.

Melo has reached out to high-profile Chicagoans asking about life in the Windy City, according to ESPN. Other reports say Bulls coach Tom Thibodeau has contacted some of Anthony's former coaches.

The Bulls also have a supporting cast for the title-starved forward including Derrick Rose, Taj Gibson and Joakim Noah, the latter of whom reportedly tried to recruit Anthony during All-Star Weekend in February.

While a team like the Heat currently has little to no cap space for Melo, the Bulls can free up $13 million by amnestying Carlos Boozer. Though likely not enough to lure Anthony, who would have received more than $23 million next season had he not opted out, a few other minor roster adjustments could liberate more cash and get a deal done in Chicago.

Another option would be for the Knicks to sign and trade for Boozer and a Bulls first-round pick as they enter rebuilding mode.

The Knicks finished the season ninth in the Eastern Conference (37-45) and despite hiring Derek Fisher as the new head coach, likely would have had a similar roster on the court next year. Despite opting out, Melo can still choose to re-sign with the Knicks and stay in the city he came home to three years ago.