Kennedy noted the Bulls and Wade have not yet engaged in contract buyout talks, but they are expected to happen before the 2017-18 season begins.
The 35-year-old Wade is set to make $23.8 million in the 2017-18 campaign, per Spotrac, and keeping him long term doesn't make much sense for a Bulls team that embarked upon a rebuild when it traded its centerpiece in Butler.
However, Dan Feldman of NBC Sports noted Chicago has an incentive to hold onto Wade until the trade deadline, as the team could use his expiring contract in a move. "If no trade comes up and Chicago is out of the playoff race, as expected, a buyout would make far more sense," Feldman wrote.
Kennedy's report comes after Cleveland.com's Joe Vardon said on the Wine and Gold Talk podcast (via Feldman) that "people close to [LeBron] James are fairly confident that, at some point this year, Dwyane Wade is going to end up on the Cavs."
If Wade and Chicago's front office do find themselves speaking again the near future and agree on a buyout, the three-time defending Eastern Conference champion Cleveland Cavaliers make sense as a potential destination.
Wade could serve as a veteran leader for a team with championship aspirations, and he's already accustomed to playing alongside James since they won two championships together with the Miami Heat.