Dwyane Wade has agreed to sign with the Chicago Bulls on a two-year, $47.5 million deal with a player option in Year 2.
The Bulls will send out the contracts of Mike Dunleavy and Jose Calderon to create cap space to sign Wade. Chicago traded Dunleavy to the Cavaliers, while Calderon will be moved to the Lakers.
Wade also discussed a contract with the Miami Heat and Denver Nuggets. The Heat were offering Wade a two-year, $40 million contract while Denver was on record of offering at least a two-year, $50 million deal. Miami was trying to clear more cap space to sign Wade by looking for a trade of Josh McRoberts. Ethan Skolnick reports the Heat never improved their offer to Wade.
Wade was the fifth overall pick by the Heat in 2003 and he won three titles with the franchise.
According to Brian Windhorst of ESPN, Wade told those close to him that Chicago was the only place he could see himself playing other than the Heat.
Wade and the Heat had contentious contract talks and he had a feeling of no longer being appreciated by the franchise. Wade met with Micky Arison on Wednesday and the Heat were unwilling to add a third season.