Don't think so. Unless they amnesty boozer. They've got Noah, Boozer and a max rose on the books. That's like 43M or so right there. And taj is getting his too. that's an even 50M or so.
Sham sports is down so i don't know who is coming off the books exactly, but none of those guys i believe.
And reinsdorf (bulls owner i believe?) isn't known for being.. a big spender in terms of salary at all. So it's really unlikely that he'll amnesty boozer to max someone else.
If the bulls wanted to make a run at melo, it's probably the best way to do it.
trade Boozer for an expiring contract and some picks.
edit-
Melo wants the Bird rights max. I think the bulls can only give it to him if acquired in a trade.
The Knicks need some draft picks and prospects. If they can get Butler, Snell and either Mrotic or the bobcats pick, it could take them out of limbo.
For the bulls a core of Rose, melo, Noah and Taj could be fantastic.
Basically a supped up Thunder.