Butler must clear waivers before he can sign with the Bulls.
Butler had the best scoring season of his career in 2009-10, averaging 11.9 points and 2.9 rebounds. This season he's averaged 5.0 points and 1.9 rebounds.
Butler is making $2.4 million in the last year of his contract.
Information from ESPN The Magazine's Ric Bucher contributed to this report.