AP Source: Dwyane Wade, Bulls agree on buyout; Cavs one of the options

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

CLEVELAND, OH - APRIL 2: Dwyane Wade #3 of the Miami Heat talks with LeBron James #23 of the Cleveland Cavaliers during the first half at Quicken Loans Arena on April 2, 2015 in Cleveland, Ohio. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Jason Miller/Getty Images)

MIAMI (AP) — A person with knowledge of the negotiations says Dwyane Wade and the Chicago Bulls have agreed to terms on a buyout agreement, meaning the three-time NBA champion is about to become a free agent.

Wade is considering several options, including a potential return to Miami and a reunion with LeBron James in Cleveland, according to the person who spoke to The Associated Press on condition of anonymity Sunday because the buyout has not been formally completed.

Wade is entering his 15th season. The 12-time All-Star was in line to make about $24 million this season from the Bulls, who traded Jimmy Butler away this summer and are entering a rebuilding phase.

After the Butler trade, it was evident Wade was getting a buyout. The question was when.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.