Paxson said he has had no discussions with the Lakers and a deal would be difficult to complete.
Bryant has waffled this offseason, saying he wants to be dealt and then rescinding those comments.
Although he has a no-trade clause, The Riverside (California) Press-Enterprise reported the Bulls are on his three-team wish list.
Paxson is reluctant to gut a young, but experienced, team that has made three straight playoff appearances and reached the second round for the first time since 1998.
