Report: LeBron interested in Cavs signing Mike Dunleavy

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The Bulls won't be all that active on the free agent market this offseason, but they may have some competition for retaining their own.

A few things to note here. First, James opted out of the final year of his contract with the Cavaliers last week, but he's not going anywhere. He's simply restructuring his next contract around the new TV deal in 2016-17 - one that will inflate the NBA salary cap to unprecedented figures - and is waiting to see how the Cavaliers upgrade the roster around him before committing to Cleveland. But again, he isn't going anywhere.

[RELATED: A financial primer for Bulls free agency]

Second, Bulls general manager Gar Forman went on record that the Bulls want Dunleavy back. The sharpshooter has spent the last two seasons in Chicago, averaging 10.5 points and connecting on better than 39 percent of his 3-point attempts. He's proven to be a valuable piece of the Bulls' veteran rotation, and in Fred Hoiberg's up-tempo offense he'd be a solid fit on the perimeter. Many have speculated that it's highly likely Dunleavy returns to the Bulls, though playing with James has to be enticing.

The Cavs have plenty to figure out this offseason as well. Matthew Dellavedova, Tristan Thompson and Iman Shumpert all are restricted free agents, while Kevin Love and JR Smith have opted out of their contracts. Cleveland is expected to retain the majority, if not all, of those players, though they certainly could use more firepower from the outside around James.

Free agency begins at 11:01 p.m. CT on Tuesday. Stay tuned.

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