The person spoke Thursday and requested anonymity because the deal is not yet complete.
Salmons has played in 51 games for Chicago this season, averaging 12.7 points per game. He is scheduled to make $5.8 million next season if he doesn't opt out of his contract.
The contracts of Warrick and Alexander both expire at the end of the season, potentially freeing up space for the Bulls to bid for marquee free agents in the offseason.
Multiple media outlets reported the possibility of a deal for Salmons on Wednesday night.
Warrick has played in 48 games for Milwaukee this season, averaging 10.2 points and 4.4 rebounds per game. Alexander, whom the Bucks took with the No. 8 overall pick in the 2008 draft, has struggled to make the jump to the NBA and currently is playing for the Fort Wayne Mad Ants of the NBA Development League.
Salmons missed the Bulls' game at New York on Wednesday night and remained at the team hotel -- an indication that a deal was imminent before Thursday afternoon's NBA trade deadline.
"I'm not at liberty to say," Bulls coach Vinny Del Negro said before the game. "I just got a call he's not going to play. He's going to be at the hotel and then I'll find out more after the game just like everybody else."
Warrick said Wednesday night that he was aware of the possibility of a trade to Chicago but wasn't dwelling on it.
"If you worry about that, you definitely won't be able to concentrate on your performance," Warrick said.
IMMEDIATE WINNER: Milwaukee Bucks-Just last year while Salmons was playing in Sacramento he was one of the Kings best players. Expect him to step up his game as the Bucks make their playoff run to get the eighth seed
LONG TERM WINNER: Chicago Bulls-With Salmons getting paid 5.8 million next year this is a great move for the Bulls to dump Salmons contract. With almost every superstar hitting the market next year the Bulls will be able to go out and buy someone a lot better then Salmons
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