Also, Pistons forward Rasheed Wallace was fined $25,000 by the NBA for using vulgarity and criticizing officials.
Wallace also received his sixth technical foul of the playoffs and will be suspended for one game for his next one.
"I have spoken with Bulls management recently about their head coaching vacancy and will resume conversations after the conclusion of my work for TNT in the Western Conference finals," Collins said in a statement. "There is no agreement in place."
Chicago fired interim coach Jim Boylan after a 33-49 season. Boylan had replaced Scott Skiles.
The Chicago Sun-Times and Chicago Tribune said Collins will be hired.
NBA Commissioner David Stern will issue heavy fines for flopping beginning next season, Newsday reported. It referenced a source with knowledge of the situation who said Stern will hand out penalties starting in the preseason. The league will use officials who already monitor the game and videotape to determine fines.