Dwyane Wade's future with the Chicago Bulls has finally been resolved after they came to an agreement over a buyout deal, per the Chicago Tribune.
It became clear earlier in the summer that the two parties were interested in this outcome as the Bulls decided to enter a rebuilding phase, something Wade wasn't willing to be a part of.
With the team due to begin training camp on Monday, talks with the 35-year-old intensified over the weekend and he agreed to leave about $8 million of his $24m salary on the table to conclude a deal.
As a result, the three-time champion is now free to join a contending team as he admitted his desire to compete for a championship was the biggest reason behind his departure from Chicago.
According to ESPN's Adrian Wojnarowski, the Cleveland Cavaliers have already emerged as the favourites to secure his services.
D.Wade has a long-standing relationship with LeBron James and they could potentially be reunited after they spent four years together with the Miami Heat and won two titles.
James attempted to recruit the veteran shooting guard to Cleveland last summer but the franchise didn't have the salary cap space to make the deal happen.
The duo have spent time working out together in recent weeks and according to sources, they've discussed Wade's options.
As well as the Cavs, the San Antonio Spurs, Miami Heat and Oklahoma City Thunder are also contenders for his signature.
OKC's capture of another of Wade's close friends Carmelo Anthony sees them as a legitimate option for the 35-year-old.
Speaking to AP on Sunday, the 12-time All-Star indicated that he will look to make a decision quickly.
"I'm going to take tonight and some of tomorrow and speak to the teams or players that are on my list and go from there,'' Wade said. "My decision is a pure basketball decision, and I'll make the one that fits me best at this point in my career and with what I feel I have to offer a team that needs what I have to offer.''
Of his suitors, the Heat would be able to offer the most amount of money to their former star at $4.2m.
In comparison, San Antonio has $3.3 million, the Cavaliers have $2.5 million and OKC could offer only the minimum salary, which is $2.3 million.
But having secured a big buyout from the Bulls, money will not be the deciding factor for Wade as he weighs up his options.