"It's how a guy fits into your team," Thibodeau said on "The Waddle & Silvy Show" on ESPN 1000. "He's had a long, distinguished career. He's had injuries, and durability is an issue, but I still think he can help a team."
Asked whether he could help the Bulls, Thibodeau did not sound optimistic.
"I don't know specifically our team," he said. "I think how things play out, we're still weighing it as a possibility. We haven't ruled it out, but again we feel we have to add more shooting. So right now, that's what we're putting a premium on."
The Bulls did go out and add another guard on Friday, agreeing to terms with Keith Bogans, according to a source.
They reportedly have been interested in Portland's Rudy Fernandez as well.
Thibodeau downplayed reports that McGrady did not preform well in an individual workout with the Bulls.
"I thought his workout was fine," Thibodeau said. "I think sometimes those things are overstated, when a guy comes in and it's 1-on-0.
"I've coached Tracy, so I know what he brings to the table. The best thing he probably does is his playmaking, and people overlook that. He's a great passer, and he's a great decision-maker."
After the workout, ESPN.com's Marc Stein and ESPN The Magazine's Chris Broussard reported the team was unlikely to sign McGrady, because among other things, he may be hesitant to accept a role off the bench.
Thiobodeau also said Larry Johnson had been interested in becoming a Bulls assistant, but that's no longer a possibility.