Dwyane Wade's Bulls career is set to end just over a year after it began.
According to the Chicago Tribune's K.C. Johnson, the Bulls and Wade have reached an agreement on a buyout.
CSN Chicago's Vincent Goodwill confirmed the report.
Wade signed a two-year, $47.5 million deal with the Bulls last July and averaged 18.3 points, 4.5 rebounds and 3.8 assists per game in 60 games with the Bulls. This summer, Wade exercised his player option for the second year of the contract, worth $23.8 million.
Wade picked up his option just two days before the Bulls traded Jimmy Butler on draft night and went into rebuild mode. According to Goodwill, Dwyane Wade is giving back $8.5 million.
The Bulls will go into next year without any of the 'Three Alphas' the team had last year Wade, Butler and Rajon Rondo.
The news comes a day before Bulls Media Day, which will be live on CSN at 2:30 p.m., and on the same day the team agreed to a two-year deal with Nikolia Mirotic.
Wojnarowski also reported Cleveland, San Antonio, Miami and Oklahoma City are the contenders to sign Wade.