The Chicago Bulls and free-agent point guard Kirk Hinrich have verbally agreed to a two-year contract, according to league sources.
The deal is set to be worth approximately $6 million, as confirmed by the Sun-Times.
Hinrich averaged 6.6 points and 2.8 assists in 48 games, 31 starts, with the Atlanta Hawks last season. He shot .414 from the floor and .346 from beyond the three-point line.
Hinrich, who was selected by the Bulls in the first round of 2003 draft, was traded to the Washington Wizards two summers ago to clear cap space for free agents. His return to Chicago will be a welcomed one for teammates who enjoyed his presence both on the floor and in the locker room.
"Kirk is a phenomenal player," said Bulls forward Taj Gibson. "I played with Kirk my rookie year. He was phenomenal in helping me grow as a player. He was a phenomenal leader. He was one of those tough-minded players that doesn't really care about much (besides) getting wins, and it would be great to have Kirky back on our team. But at the same time you've got to look at the aspect of it's the NBA, it's a business as a whole and I hope they can get it done because I know Kirk is a great player and it would help our team out a lot, especially right now in this season without Derrick Rose."
With Hinrich's arrival the Bulls probably will decline to match C.J. Watson's team option for $3.2 million. Watson was ineffective in the postseason and struggled with injuries down the stretch after playing solidly in place of Rose for much of the year.
The Bulls must now decide if they want to match the three-year offer sheet that the Houston Rockets gave Omer Asik last week. The deal, which is expected to be around $25 million with an almost $15 million cap hit in the final year.
The Bulls also must decide whether to bring back shooting guards Kyle Korver or Ronnie Brewer. Both players have contracts that are not fully guaranteed. Korver, however, is the safer bet to return, but his status remains in flux as the Bulls figure out exactly how the numbers get crunched.
John Lucas III was the Bulls third-string guard last season. He has played against Hinrich in college and in the NBA and said he was unsure if Kirk's signing would impact his return to the Bulls. Lucas said eight teams have expressed interest in him since free agency began.
No matter the decision the organization decides to make, what's clear is that the Bulls will be in the luxury tax this year as they continue to fill out their roster to contend without Rose for much of the season.
Bulls GM, Gar Forman, mentioned on draft night that the organization would be making basketball decisions this summer, not financial ones. Depending on the roster moves, the Bulls will more than likely have to fill the rest of their roster out with small-salaried players.