Wade signed a two-year, $49 million contract with Chicago in summer 2016 with a player option for the second year for $24 million.
Wade, who turns 36 this season, has said he'd rather play for a championship contender at this stage of his career.
It has always been rumoured that the shooting guard was expected to be bought out after the team appeared to be entering a rebuilding phase with the off-season trade of three-time National Basketball Association all-star Jimmy Butler. According to Joe Vardon of Cleveland.com, sources close to LeBron James' camp are confident that Wade will opt to join the Cleveland Cavaliers.
His departure is just the latest move the Bulls have made as they begin an in-earnest rebuilding effort.
According to ESPN's Wojnarowski, he gave back about a third of his salary - $8 million - to become a free agent. The veteran shooting guard averaged 18.3 points, 4.5 rebounds, 3.8 assists per game while shooting only 43 percent from the field.