Dwyane Wade is leaving the Miami Heat after 13 seasons and going home to Chicago.
In letter released to The Associated Press, Wade says Wednesday: "This was not an easy decision, but I feel I have made the right choice."
The Bulls will send Mike Dunleavy to the Cleveland Cavaliers to help make room for Wade.
Shortly after Wade informed the Bulls that he was leaving Miami to return to play in his hometown, Chicago told Dunleavy he was headed to Cleveland.
The 35-year-old Dunleavy averaged a career-low 7.2 points in 31 games for the Bulls last season. Cavaliers star LeBron James has long wanted to play with the versatile forward, and now he has him.
The Chicago Tribune first reported the trade.
The Los Angeles Lakers are getting Spanish guard Jose Calderon and two second-round draft picks in a trade with the Chicago Bulls, who are clearing salary cap space to sign Dwyane Wade.
Los Angeles will give up the rights to a player not currently in the NBA.
The 34-year-old Calderon will be another veteran presence around the young Lakers, who are rebuilding after the worst season in franchise history. Los Angeles also has added Luol Deng and Timofey Mozgov.
Calderon is an 11-year NBA veteran who spent the last two years with the New York Knicks. He was traded to Chicago two weeks ago.