Nikola Mirotic has secured a $3 million buyout with Real Madrid in order to come to the Chicago Bulls, reports HoopsHype.
Mirotic was the 23rd overall pick in the 2011 NBA Draft and has since developed into one of Europe's best forwards.
Because he was drafted three years ago, Mirotic is not subject to the rookie salary-cap scale, and the Bulls likely will need to use some of their cap space to contribute to his buyout and sign him to a long-term contract.
The Bulls can pay up to $600,000 toward Mirotic's buyout, but anything over that amount would be considered a signing bonus and be charged to the Bulls' cap.
Shams Charania of RealGM reports that the two sides believe they don't have significant ground to cover, but no deal is imminent.
The Bulls' decision to move forward with Mirotic at this point signals that they will be moving on without Carlos Boozer next season. Boozer can either be amnestied or traded.