Well the Trib pretty much writes off Ira Newble as gone, but raises another interesting possibility:

"The Bulls already have let Ira Newble walk as they negotiated with Pippen. Newble is mulling multiyear offers from Cleveland and Memphis. Posey is the Bulls' latest target, an athletic and versatile player who split time between Denver and Houston last season. He averaged 10.8 points and 5.1 rebounds and, at 6-feet-8 inches, has the wingspan to be a decent defender. The Bulls conceivably could sign Posey and then take the $1.8 million they are expected to receive for Jay Williams' medical exception and sign Corie Blount. Bartelstein, who also is Blount's agent, confirmed the Bulls have interest. As for the other free agents from last year's team, Paxson recently told guards Rick Brunson and Fred Hoiberg to look elsewhere and he would revisit matters in September if they are unsigned. Hoiberg, the longest-tenured Bull, could land in Minnesota. Brunson is drawing interest from Toronto and Houston. The Bulls even are prepared to be shut out completely on the small forward front in free agency."

If they are shut out, make no mistake this offseason will be a failure. I like Posey as a player, he's better than Newble offensively, I'm not sure he's a good enough defender though. Also Newble was admant in saying he is willing to take a lesser role, whereas I don't know if Posey feels the same way. I would be happy if they offered the exemption to Posey, but keep in mind that the Rockets can always match the offer.