According to Nick Friedell of ESPN.com, the 35-year-old "isn't long for the organization's future and is expected to reach a buyout agreement at some point in the next few months."
Wade joined the team before last season and is currently owed $23.8 million for the 2017-18 season.
The veteran had an opportunity to opt out of his contract this offseason, but he chose not to in June. However, he made that decision before Chicago traded Jimmy Butler to the Minnesota Timberwolves and allowed Rajon Rondo to walk in free agency, signaling an organizational rebuild.
Wade is now by far the most expensive player on the Bulls roster, as Robin Lopez is the only other one making more than $10 million next season, per Basketball Reference.
Despite shifting direction and plunging into a rebuild, the Bulls haven't given any indication they intend to agree to a buyout with Wade. In June, team vice president John Paxson said any agreement would have to be "advantageous" to the team, per K.C. Johnson of the Chicago Tribune. Head coach Fred Hoiberg added in July that he doesn't expect a buyout, per Vincent Goodwill of CSN Chicago.
If the two sides do eventually reach a buyout agreement, it could help the Bulls move forward while giving the 12-time All-Star a chance to join a contender this season.