THURSDAY, 1:10pm: The Raptors continue to make offers to teams that include both Patterson and the first-round pick the Knicks owe them in an effort to upgrade at the four, tweets Ken Berger of CBSSports.com.

8:03pm: One source who spoke with Vincent Goodwill of CSNChicago.com cast doubt on the idea of a Gibson trade, saying he isn’t going anywhere.

1:54pm: Chicago asked for the lesser of the Raptors’ two first-round picks, a source told K.C. Johnson of the Chicago Tribune, who adds that it’s not clear whether the Bulls initiated the talks or the Raptors did. Presumably, Johnson’s referring to the pair of 2016 first-rounders the Raps have, and not the two 2017 first-round picks they also possess.

WEDNESDAY, 9:33am: The Bulls have proposed a swap that would send Taj Gibson to Toronto and bring Patrick Patterson to Chicago, according to Zach Lowe of ESPN.com. However, the Raptors love Patterson and GM Masai Ujiri doesn’t appear to feel as strongly about any of the available power forwards who might bump Luis Scola from the starting lineup, Lowe adds in a different portion of his wide-ranging trade deadline column. Ostensibly, that signals Ujiri’s preference for Patterson over Gibson, though that’s not entirely clear. The Raptors would have a strong chance to re-sign Al Horford if they traded for him, sources tell Lowe, but it would take just about all Toronto has to give to wrest him from the Hawks, and a Horford-to-Toronto swap is unlikely, Lowe writes.

Gibson is making $8.5MM this season, with $8.95MM due in 2016/17, so he’d be a more expensive option than Patterson, whose contract runs the same length of time and gives him close to $6.269MM this year and an even $6.05MM next season. The Raptors are barely above the salary cap for this season, which would give them plenty of flexibility to make such a move, though it would add to the nearly $70MM in guaranteed salary they have for 2016/17, a figure that doesn’t include a new contract for DeMar DeRozan. A swap of Gibson for Patterson straight up would conversely represent a key savings for the Bulls, who are about $4.7MM above the tax threshold. It would cleave about $3.3MM from Chicago’s projected tax bill.

Adrian Wojnarowski of The Vertical on Yahoo Sports first reported Gibson’s availability, though that was before Joakim Noah went out for the season and Nikola Mirotic had two surgeries related to appendicitis. Chicago would have preferred to have traded Noah rather than Gibson, Marc Stein of ESPN.com recently wrote. Dana Gauruder of Hoops Rumors examined Gibson as a trade candidate.

Many teams are high on Patterson, according to Bobby Marks of The Vertical on Yahoo Sports, and Patterson’s name emerged as a figure in a rumored proposal between the Raptors and Nets.