This Chicago Sun-Times article suggests the answer to that question is "yes":
The way I see it, the only reason James -- who is from Akron, Ohio -- would return to Cleveland is out of loyalty to his home area.
But as he proved when he signed his contract four years ago, James doesn't want to be stuck in a bad situation. And the pressure he feels to win his first NBA title only will intensify after this latest disappointment.
That's why I think he'll land with the Bulls if he leaves the Cavaliers. The Bulls have more talent in place than the New York Knicks, New Jersey Nets or any other team with cap room this summer.
With a talented young core of Derrick Rose (21), Joakim Noah (25), Luol Deng (25) and other role players, the addition of James could make the Bulls contenders for the next half-dozen years.
The Bulls won six championships with Michael Jordan and Scottie Pippen leading the way. James and Rose could be the Jordan and Pippen of the 2010's... if James realizes Chicago is the best place to win a title. Or a lot of them.
We'll update this story with more info as we get it.