The Chicago Bulls declared they will not buy out Dwyane Wade's contract before the season begins. However, there is a possibility that the Bulls might not release Wade during the season. According to Barry Jackson of the Miami Herald, currently, there's no discussion regarding a buyout of Wade's $24 million contract with the Bulls but the rebuilding team may agree to pay the remainder of the 12-time All-Star's contract and then release him by January or February.

The 35-year-old Wade exercised the $23.8 million player option for the second year of his two-year deal worth $47 million with the Bulls last season.

Earlier, it was rumored that the Bulls will buy out Wade's contract before the season begins. Bulls coach Fred Hoiberg flatly denied reports, saying "as of right now, no. I don't see that." Bulls executive vice president of basketball operations John Paxson also clarified that the team is preparing for next season with the assumption that Wade will play.

Wade to join Cavs, Heat?

In case a buyout happens, Jackson said Wade has a chance to join the Cleveland Cavaliers, where he will play alongside close friend and former Miami Heat teammate LeBron James. Wade's former team, the Heat, is also another possible destination. As of now, the Heat are not interested in bringing back Wade in a big-money deal but they can sign him to a lower deal.

Wade and LeBron carried the Heat to two NBA titles.

The Heat still have an available $4.3 million exception that they could use to sign any player to a minimum deal. Earlier, Heat president Pat Riley said he will not use the exemption but he did not mention any particular target for that amount. The Bulls are now in rebuilding mode after trading superstar Jimmy Butler and rookie Justin Patton to the Minnesota Timberwolves on Draft Day.

For Butler, the Bulls got Zach LaVine, Kris Dunn and No. 7 selection Lauri Markkanen.

Waiters wants to train with Wade

Shooting guard Dion Waiters, who recently signed a four-year $52 million deal with the Heat, said he wants to train with Wade this summer to work on his game. Waiters said Wade will help him propel his game to a new level.

"I am definitely going to reach out to him to see if I can propel my game to a new level. I want to pick his brain," said Waiters. The Heat drafted Wade fifth overall in the 2003 Draft. He played with the Heat for 13 seasons before he signed a deal with the Bulls last season, where he averaged just 18.3 points in 60 games. In 915 career games, Wade averaged 23.3 points, 4.8 rebounds and 5.8 assists.