Yes, but, their vanity will make it nigh on impossible to pull the trigger unless it's so lopsided they can claim "victory" at default.
This is big time here. Even though they're O & 47 they're a stubborn & proud bunch twixt fan base, Media and organization. Everything was going along swimmingly until Blood did this to 'em. They're incensed.
They don't want him sitting here all season ing up the works worse than he already has, but, they don't want to say "uncle" either. They still want it to be okay, for Bled to come out, fire his agent, apologize to everybody, sign the contract and come on in. And they never EVER give up here, baseball team, football team, hockey team, or, Suns.
So, unless they get an obscene return for him, they'll most likely brazen it out with him, flooding the airwaves and newspapers all season long how it's all gonna work out, that he really wants to be here, it's just a misunderstanding, that his agent and him mean no harm and are fine chappies.