From Ric Bucher at ESPN.com, this report, still unconfirmed:
The Chicago Bulls have a deal in place that would move Kirk Hinrich and the 17th pick to the Washington Wizards, freeing up enough cap space to pursue two maximum-salary players on this summer's free-agent market, sources with knowledge of the Bulls' plans said Thursday.
It wasn't immediately clear what Washington would send to Chicago in the trade.
The deal can't be officially consummated until July 8, when the Wizards will have room under the salary cap to absorb Hinrich's $9 million contract without having to send back anything of similar value.
The article goes on to say that it's a "good-faith" deal since it can't be finished for a couple of weeks; if not, the Bulls may make a similar deal with the Kings, and it would clear about $10 million of salary cap space.