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.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.