If this were to happen, Melo to Chicago. But, wouldn't the Bulls have to trade another player with Deng for Iggy? That's what I think.
If it's just Deng for Iggy......
Stefanski really dislikes Iggy, and because Iguodala is insisting on a trade now, means the Sixers have a sooner-than-later deadline to make this happen. A trade might have happened sooner, except for the hold-up with Sacramento not wanting to take on Iggy's contract, which ended up with both teams swapping disgruntled players. That included bringing Noc over, because they anticipated Iggy's exit. Then nobody really took the Sixers seriously.
Turner looked terrible in SL, and AI9 was on team USA, meaning they would have had ZERO BUZZ for fans to even buy tickets, leaving the 76er FO to wait on something else. And that something else did happen, Iggy asks to be traded.
You have to bare in mind, this is a Sixer organization that WANTED Iverson back last year, when nobody wanted him. They signed Elton Brand for a ridiculous contract, more than what he was asking for!!!
These guys aren't in their right mind. Now, they are playing to break even until Brands contract is up, which I believe is also the same season as Deng or Iggy's contract would be up. So the less players they take on, the better.
The Nuggets have been hinting that they want enough time to convince Melo to stay. They feel like George Karl has this overwhelming power to sway players, and rightfully so because he's a great coach. This creates a time-frame problem with the Bulls and Sixers if they were to do a 3 team deal.
The Sixers will be looking to trade Iggy in the next month. The Nuggets will put out a major smokescreen to make fans of every team involved, like the Knicks, Nets, and Bulls drool over the thoughts of their team adding a superstar. So if the Nuggets don't want Deng, they don't want Noah anymore with his new contract, and the Bulls took Noah off the table.... That means, Iguodala is the only realistic trade in the short run if we want to finally get rid of Deng.
The only variable here would be Denver sitting on their hands. If they actually get motivated to trade Melo NOW... then we could see him in Chicago. TBH, and this is just my opinion, Denver does not seem motivated at all to trade Melo until somewhere closer to the trade deadline.
Sorry, short answer. Yes, Iggy for Deng straight up.