The Chicago Bulls are reportedly closing in on the signing of free agent and former Sacramento Kings guard Jimmer Fredette.

While a deal has not yet been announced, Fredette has completed a contract buyout with the Kings but must wait until clearing waivers on Saturday, ESPN reports.

The 10th overall pick in the 2011 NBA Draft is understood to be intrigued by the prospect of playing for Bulls coach Tom Thibodeau after seeing his work with fellow guards Nate Robinson and DJ Augustin in the last two years.

Despite luxury tax concerns the Bulls are expected to push ahead with the move to add further shooting options to their roster.