You can't do a sign-and-trade (IT) for a sign-and-trade (Bledsoe). So the report is 100% false. Can't happen.
This may no longer be true. I can't find anything in the current CBA FAQ that says that you can't sign-and-trade for a sign-and-trade. That's odd, because I recall some very severe restrictions on what could be done with sign-and-trades, but maybe they were lifted with the 2011 CBA.
However, even if we were allowed to do a S&T of IT for a S&T of Bledsoe, there could be the further complication of the Base Year Compensation rule. If Rudy opts in, then IT's S&T contract would put us over the cap. Because he will be getting more than a 20% raise in a S&T scenario, his outgoing salary for our purposes would be only 50% of his actual salary. So if we signed IT for $8M, he would only count for $4M in our outgoing salary but $8M for Phoenix's incoming salary. (The same would not necessarily apply to Bledsoe because the Suns will be under the cap after they sign him if they do it early in the offseason.)
I imagine that Bledsoe will probably get $11M. For us to receive $11M, we will have to send out about $7.3M. But since IT at "$4M" and the #8 pick at $2.3M would only come up $1M short, we could include Outlaw (or Acy...he would be close depending on the exact salaries involved) and make the trade work.
So maybe that could actually happen.