Markkanen was drafted by the Minnesota Timberwolves, but the rights to sign him were acquired by the Bulls in the trade that brought Kris Dunn and Zach LaVine to Chicago in exchange for Jimmy Butler.
The Bulls did not disclose the terms of the contract. Markkanen played one season at the University of Arizona.
He averaged 15.2 points and 7.2 rebounds while shooting 49.2 % from the field and 42.3 % from 3-point range. The Bulls will be able to get a better look at him when they open the defense of their Summer League title in Las Vegas.
“I know there’s work to do, like always,” Markkanen said at an introductory press conference. “I’m the type of person who’s going to be in the gym and I’m going to work on (defense). I know I’m going to get better. I’m pretty confident that it’s going to happen.”
Free agent Dion Waiters is staying in Miami, agreeing to a four-year deal with the Heat. Terms of the contract were not immediately available. The Heat this week created $25 million in salary cap space by waiving forward Chris Bosh.
Waiters averaged 15.8 points and 4.3 assists and shot 39.5 percent from 3-point range with the Heat, while playing for $2.9 million last season.
Free agent guard Nick Young agreed to a one-year, $5.2 million contract with the Golden State Warriors, his agent, Mark Bartelstein, told ESPN. Young is expected to provide depth for the talent-rich Warriors, who have won two of the last three NBA titles. The 32-year-old Young averaged 13.2 points, connected on 40.4 percent of his 3-point attempts and started all 60 games in which he played last season with the Los Angeles Lakers.