The Chicago Tribune's K.C. Johnson reported Wade became a free agent after agreeing to a buyout of the remaining year of his contract with the Bulls.
In an interview, Bulls NBA front office stated that they are just waiting on Wade's final word so that they can finalize a deal. Wade is considering several options, including a potential return to Miami or a reunion with longtime friend LeBron James in Cleveland, according to the person who spoke on condition of anonymity because the buyout has not been formally announced.
ESPN reported San Antonio is a possible landing spot, and Oklahoma City - which added Paul George this summer and will formally complete the trade with NY for Carmelo Anthony on Monday - would also seem to make sense as well.
Dwyane Wade has had an illustrious career so far in the NBA by winning the NBA title three times, multiple time NBA All-Star and a multiple time All-NBA team selection.
In his lone season with the Bulls, Wade averaged 18.3 points, 4.5 rebounds, and 3.8 assists in 60 games played. It was his lowest point totals since his 2003 rookie season.
The Cavs are the favourite to land Wade, who would reunite with LeBron James and create a formidable backcourt with Isaiah Thomas and Derrick Rose in Cleveland.
What Wade can bring to the Cavaliers is another question.
"The thing is, I did an MRI on Friday, and the doctor said they were really happy with the MRI", Parker told Marc J. Spears of The Undefeated.
The Los Angeles Lakers are going into training camp with the maximum 20 players but that doesn't mean they are completely done with setting the roster.