Citing multiple league sources, NBC Sports Chicago's Vincent Goodwill reported Tuesday that Chicago has "inquired about moving up from the seventh spot in the draft to either the third or fourth spot."
However, when Goodwill inquired, those within the organization denied rumblings of a potential trade into the top five.
Goodwill added "many believe the franchise has its eyes set on" Porter and "were told weeks ago" he wouldn't be available when they're on the clock at No. 7 overall.
The Phoenix Suns are widely expected to select former Arizona center Deandre Ayton at No. 1 overall and the Sacramento Kings are reportedly eyeing Duke forward Marvin Bagley III, according to ESPN.com's Jonathan Givony.
The Dallas Morning News' Eddie Sefko added it's a "near-lock" the Kings will select Bagley.
If those reports hold, the Atlanta Hawks would be a logical trade partner for the Bulls at No. 3 overall.
Bleacher Report's Jonathan Wasserman previously reported the Hawks have "had conversations about the possibility of trading down," and Sports Illustrated's Jeremy Woo suggested they could target Oklahoma point guard Trae Young if they flip the third pick for a later lottery selection.
The Memphis Grizzlies, who are slated to pick at No. 4, have also been discussed as a team that could trade back if they find a club willing to absorb the two years and $49.2 million remaining on Chandler Parsons' contract, according to The Athletic's Michael Scotto.
Porter, 19, played just three games at Missouri last season because of a back injury that required surgery.
In his latest mock draft, Wasserman projected Porter to the Bulls at No. 7.