Even though I don't believe there is anything to this rumor (I think at most, one GM threw something against the wall a while ago, and now writers are making much more of it than there is), I will say that this would be a very interesting deal for the C's.
I have said that I don't like Hinrich as a starting SG, and that he makes too much money as a backup PG, and I stand by that. However, in this deal, we are getting Salmons, who would fit in better as the starting SG, allowing Hinrich to come off the bench, and we also get Thomas, who I think is the key to the deal. Even though he is a headcase (what was with that LSU team???), he would add a rebounding, and more importantly another guy (other than Scal) off the bench that can cover perimeter big men and bigger SF's. He also is a RFA after this season, and I don't think the C's would resign him, but he would make a huge difference on this team.
Now, the question with this deal, and the thing that would likely submarine it, is the money. I really do not see Danny (or Wyc) being willing to take on the salary in this deal. But if they are willing to pay for a legit roster upgrade, I think this deal is one of the better ones out there.
The other issue, is that I think the Bulls could get better value for that package elsewhere...particularly if they split it up into two deals. I think they could get at least an expiring contract for Hinrich, and possibly a young player, from a team looking for a PG, and they could definitely get value for the Salmons/Thomas package.