According to multiple reports, the Chicago Bulls have reached a buyout agreement with forward Dwyane Wade.
Wade, who signed with the Bulls prior to the 2016-17 season, will become a free agent and will be eligible to sign with any team if he clears waivers.
K.C. Johnson of the Chicago Tribune and ESPN’s Adrian Wojnarowski are both reporting that the two sides reached an agreement on a buyout on Sunday night.
According to Wojnarowski, the Cleveland Cavaliers, San Antonio Spurs, and Miami Heat could all be contenders to sign Wade, and Oklahoma City could potentially jump into the market as well as he prepares to enter his 15th NBA season.
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Wade will give back approximately $8 million of the nearly $24 million he was due in salary for this season, according to reports.
In his lone season in Chicago, Wade averaged 18.3 points per game and 3.8 assists per game for the Bulls.
His departure is just the latest move the Bulls have made as they begin an in-earnest rebuilding effort. Jimmy Butler was traded earlier this offseason, and the team declined the option on point guard Rajon Rondo’s contract before free agency began.