ESPN's Marc Stein confirmed the report, stating the Bulls are "closing in" on a deal with Fredette and that a signing is likely when he clears waivers at 5 p.m. ET on Saturday.
Fredette, the No. 10 pick in the 2011 draft, was acquired by the Sacramento Kings in a draft-day trade to much fanfare. But the BYU product never really caught on in Sacramento, getting inconsistent playing time almost exclusively as a reserve, thanks in large part to his porous defense.
However, Fredette still has some value as a gunner off the bench. The 25-year-old is a 40.2 percent three-point shooter for his career, and he's at 49.3 percent from deep this season.
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That shooting is exactly why the Bulls have so much interest. Chicago, despite showing some improvement recently, remains one of the worst offenses in the NBA. The Bulls rank 28th in offensive rating and are near the bottom in all of the three-point shooting categories.
Tom Thibodeau has had a lot of success reviving the careers of score-first point guards, including players like Nate Robinson, D.J. Augustin and John Lucas III. That success is a big selling point for Fredette, and perhaps Thibodeau can work his magic again. If Fredette can carve out a niche in Chicago, he could certainly help make their weak offense a bit more potent.
The Bulls have had concerns about signing a player for the rest of the season and possibly going into the luxury tax at the end of the year, but they now feel comfortable that they can avoid the tax.