ESPN.com's Adrian Wojnarowski and Brian Windhorst reported Wade and the Bulls reached an agreement on a buyout in which Wade would forfeit roughly $8 million of the $23.8 million he's owed for the upcoming season.
During NBA media day Monday, LeBron James discussed the possibility of Cleveland adding Wade, per NBA TV:
Carmelo Anthony added he "would love to have him in Oklahoma City," according to the Norman Transcript's Fred Katz.
Though he'll turn 36 in January and is no longer the dynamic combo guard who was supremely productive for 30-plus minutes a night, Wade would be a nice addition for a playoff contender. He averaged 22.0 points, 5.4 rebounds and 4.6 assists per 36 minutes in his one season with the Chicago Bulls, according to Basketball Reference.
Right now, Wade would likely be the third scoring option for the Cavs behind James and Kevin Love, though he'd be bumped behind Isaiah Thomas when Thomas returns from injury. For the Thunder, he'd be fourth in the pecking order after Russell Westbrook, Paul George and Anthony.
In either scenario, Wade could assume a limited role that might allow him to maximize his effectiveness on the floor.