Kamil Krzaczynski/Associated Press
Jones reported the Bulls have also inquired about getting a first-round pick and that talks are past the preliminary stage and “getting serious.”
On Tuesday, Marc Stein of the New York Times reported that both the Jazz and Detroit Pistons have expressed interest in Mirotic.
Mirotic missed the start of the season due to facial fractures suffered in an October fight with teammate Bobby Portis.
Since returning, however, Mirotic has enjoyed a career year. The 26-year-old is averaging 17.4 points and 7.0 rebounds in 17 games, primarily as a bench player.
Mirotic has a no-trade clause in his contract, but Jones reported he is interested in waiving it to join the Jazz if a deal is agreed upon.
Favors was the No. 3 overall pick in the 2010 NBA draft by the then-New Jersey Nets, but the Nets traded him to Utah as a rookie as part of the deal to acquire Deron Williams.
While Favors’ production has dropped off over the past two seasons, he averaged over 16 points and eight rebounds per game in both 2014-15 and 2015-16.
So far this season, the 26-year-old veteran is putting up 12.5 points and 6.8 rebounds per contest.
Favors will become an unrestricted free agent during the offseason, while Mirotic has a club option for 2018-19.
The Bulls are stacked with young talent but are in a rebuilding phase that has them 13th in the Eastern Conference at 14-27.
Meanwhile, the Jazz are searching for success during life after Gordon Hayward, and they are 4.5 games out of a playoff spot in the Western Conference in 10th place at 16-24.