The 30-year-old has hired representation and is scheduling team workouts before the start of training camp.
Bynum last appeared in the NBA in the 2013-14 season, splitting time between the Cleveland Cavaliers and Indiana Pacers.
The 2005 lottery pick is best known for his time with the Los Angeles Lakers, playing seven years from 2005-12. He was a part of two championship teams in 2009 and 2010, having a starting role on teams led by Kobe Bryant and Pau Gasol.
His best season came in 2011-12 when he averaged 18.7 points and 11.8 rebounds per game and earned his only career All-Star selection.
While Bynum was traded to the Philadelphia 76ers the next offseason, knee injuries prevented him playing a single game with the team, and he only made 26 appearances the rest of his career.
He averaged 8.7 points and 5.6 rebounds per game in 2013-14 and never saw additional NBA action.
After five years, however, the 7'0", 285-pound big man is hoping for another chance at playing at the highest level. Although his knee problems will still be a concern, his workouts could prove he is ready to make an impact once again.