The Chicago Bulls and Cleveland Cavaliers have interest in signing Jimmer Fredette.

The Memphis Grizzlies were interest in Fredette, but he preferred other options.

Fredette has been waived by the Sacramento Kings, as they were unable to complete a trade involving him at the deadline.

The Bulls are approximately $600,000 below the tax threshold and the team believes it can sign a player to a prorated deal and avoid going down as a tax team.

David Aldridge of reports that Fredette is "strongly leaning" toward signing with the Bulls.