AP Source: Dwyane Wade, Bulls agree on buyout

(Photo by Maddie Meyer/Getty Images)

MIAMI  — 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.