Augustin was waived by Toronto earlier this week after averaging 2.1 points and 1.0 assists through 10 games with the Raptors. He also shot just 29.2 percent from the field and 9.1 percent from three.
Chicago currently sits at 8-11, good for the eighth-best record in the East. The Bulls are short at point guard at the moment with Derrick Rose out for the season and Mike James dealing with a sprained MCL. With Augustin coming in, the Bulls may opt to send Marquis Teague back to the Development League, which is where he was supposed to go until news broke of James' injury.
Augustin became expendable in Toronto after the Raptors acquired Greivis Vasquez in the deal that sent Rudy Gay to Sacramento.
The Bulls visit the Knicks Wednesday night before heading to Milwaukee to face the Bucks on Friday.
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