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UPDATE: Chicago and Boston are discussing a trade around Jimmy Butler

The Celtics and Bulls are engaged in talks for Jimmy Butler.

David Butler II-USA TODAY Sports

The Vertical's Adrian Wojnarowski is reporting that the Chigaco Bulls and Boston Celtics have been having ongoing discussions all day regarding Jimmy Butler.

The Bulls are in a bit of a roster overhaul which began with the trade that send Derrick Rose to the Knicks. Trading Jimmy Butler would be a complete reset in the direction for the Bulls. The 76ers are also rumored to be involved in trade talks with the Celtics and with the 3rd pick in this year's draft, the three teams don't have a lot of time to work out the parameters of a deal.

Update via Marc Stein:

Philly is throwing EVERYTHING at trying to land that 3rd overall pick!

2nd Update:

So.... Bulls shot down a chance at Jimmy Butler for Kris Dunn and Zach LaVine? That's a tough call but I think I'd go for Jimmy Butler. Instant top 5 defense with him, Towns, and Wiggins.