After adding Richard Hamilton on Thursday, the Bulls decided to waive veteran shooting guard Keith Bogans.
Bogans started all 82 games last season, averaging 4.4 points, 1.8 rebounds and 1.2 assists in 17.8 minutes per game. He also provided a solid defensive presence while being asked to guard the oppositions best perimeter player the majority of the time.
Ronnie Brewer, who will start the preseason opener in Indianapolis Friday night, will still serve as the main backup.
Bogans was due to make 1.7 million in 2011-12 and the Bulls can re-sign him to a cheaper contract if he clears waivers. The Bulls might be looking to add a veteran center or power forward with the money as a replacement for Kurt Thomas, who signed with the Portland Trail Blazers earlier in the week.
The Bulls also waived guard Jannero Pargo, who spent 14 games on the inactive list after signing on March 20. He did not appear in a game last season.
CSNChicago.com will have more on this story including reaction from head coach Tom Thibodeau and Bulls players when it is made available.