After weeks of speculation, the Chicago Bulls have finally reached an agreement on a buyout deal with Dwayne Wade, according to K.C. Johnson of the Chicago Tribune.
After the Bulls traded Jimmy Butler to the Minnesota Timberwolves and waived Rajon Rondo, it became inevitable that Wade's days in Chicago were numbered as he was unwilling to be part of the team's rebuilding process.
ESPN's Nick Friedell first reported the news of the buyout talks between the two parties earlier this summer and they have now managed to come to a deal on the eve of training camp.
In an interview with the Chicago Tribune, Wade explained that his desire to compete for a title was the main reason behind his decision to accept a buyout.
He described it as a "dream" to represent his boyhood team and respected their decision to move in a different direction.
The Chicago native confirmed that his departure was conducted in an amicable fashion and said he had a "no complaints" with the front office and enjoyed a good relationship with them.
The veteran shooting guard opted in to his $24 million contract this year and was looking to recoup a large portion of that in the buyout deal.
But the Bulls were keen to negotiate a lower amount and Wade is believed to have left about $8m on the table to secure the agreement.
He will now be free to negotiate a move to a contending team and is sure to have many suitors.
The Cleveland Cavaliers, Oklahoma City Thunder, Miami Heat, Los Angeles Clippers and San Antonio Spurs are among the teams interested in acquiring the three-time champion.
After leaving the Heat last summer following 13 years with the organisation, D.Wade decided to return to his hometown of Chicago but his homecoming didn't play out the way he would've wanted.
The Bulls endured a difficult campaign and only just managed to scrape into the playoffs as the eighth seed.
At 35, the 12-time All-Star isn't the dynamic player he once was and Chicago was unable to get a consistent level out of him.
At this stage of his career, Wade cannot be a go-to guy offensively for a team but can certainly contribute to a championship contender as either a third or fourth option.
He has enough in the tank for one last hurrah and it'll be interesting to see where he chooses to show it.