The Chicago White Sox know they have a future stud power hitter in Andrew Vaughn. He appeared to be the backup plan at first base once Jose Abreu is out of town. Jose is going to be here, however, so they can figure out his succession plan later if it means trading for Arenado. Colorado would love to add a blue-chip prospect like Vaughn to their pipeline. He is probably a year or two out from making his MLB debut, but he would fit nicely into their retool.
Dane Dunning is a good pitching prospect, but the White Sox have a lot of up and coming arms so dealing one might be in the cards. Colorado is probably looking to add a mid-level pitching prospect in any trade for Arenado so Dunning would likely fit that bill perfectly. He could develop into a really solid starter someday, it is just hard to see him fitting into what the White Sox are doing.
Zack Collins is already on the White Sox depth chart. He is the third-string catcher right now behind Yasmani Grandal and James McCann. He can also play some first base but the White Sox already has Jose Abreu there and Edwin Encarnacion can play some first if need be too. One of those guys would need to be injured long term for him to get some significant playing time with the White Sox. That is why they might be wise to move him before his value decreases.
Obviously, acquiring Arenado is not likely. There have been some rumors but the closer we get to opening day, the farther it feels from Colorado trading him. They might move him at some point throughout the season, but right now seems like a longshot at this point. If the White Sox did want him that bad though, these trades would make a lot of sense for both sides.