The Chicago Bulls and free agent Jabari Parker have agreed to a two-year, $40 million deal, reports ESPN's Adrian Wojnarowski.
Milwaukee rescinded Parker's qualifying offer, making him unrestricted.
The second year of the deal is a team option, lowering the risk for Chicago after Parker's two ACL surgeries. There's the possibility to negotiate a long-term deal if Parker stays healthy.
Bucks general manager Jon Horst told ESPN the Bucks weren't going to match offer sheet, and "worked in good faith with Parker and his agent Mark Bartelstein to let them negotiate the unrestricted deal with Bulls."
Wojnarowski first reported the two sides were making progress on a deal Friday.
Parker, 23, has played for the Bucks for four years, after they drafted him with the No. 2 overall pick in 2014. The forward averaged 12.6 points with 1.9 assists and 4.9 rebounds.
Parker, a Chicago native, has torn his ACL in his left knee twice during his career. He had his second ACL surgery on his knee in February.